Grover is an online rental platform for multi-category consumer electronics, enabling customers to rent devices such as computers, smartphones, tablets, wearables, cameras, drones, and home entertainment systems. Users can also choose to purchase rented items by paying the difference. Available on both Android and iOS, Grover serves both individual consumers and organizations. The company has raised $323M in funding from investors including Energy Impact Partners and Augmentum Fintech, and is currently valued at $1B.
What Is Grover and What Does It Do?
Grover, founded in 2015 by Michael Cassau, is headquartered in Miami, Florida. The company employs 131 people and operates as a consumer electronics rental marketplace.
Grover’s platform offers flexible rental options for tech-savvy customers and businesses, enabling them to access the latest devices without the full ownership costs. The app includes rental management tools, device insurance, and the option to upgrade or buy devices mid-rental term.
By offering both consumer and enterprise solutions, Grover has established itself as a key player in the electronics-as-a-service space.
How Much Funding Has Grover Raised?
1. Series C
- Amount Raised: $110M
- Date: April 2022
- Lead Investors: Energy Impact Partners, Korelya Capital, LG, Viola Group, Coparion, Assurant, SevenVentures, COI Partners, Mirae Asset
- Motivation: To expand operations and scale the rental platform globally.
2. Conventional Debt
- Amount Raised: $260M
- Date: September 2022
- Lead Investors: M&G
- Motivation: To provide additional working capital for operations and expansion.
3. Series C
- Amount Raised: $54.6M
- Date: July 2024
- Lead Investors: Cool Japan Fund, Energy Impact Partners, Korelya Capital, Augmentum Fintech, Circularity Capital
- Motivation: To accelerate growth, expand into new markets, and enhance service offerings.
Total Funding Raised: $323 Million
Current Valuation: $1Billion (as of April 2022)
Latest Funding Date: July 2024
Key Investors
1. Energy Impact Partners
- Details: Investment firm focused on sustainable energy and technology ventures.
- Investment Focus Areas: Green technology, sustainable innovation, consumer tech.
- Notable Investments: Grover, Voltaware, Northvolt.
2. Augmentum Fintech
- Details: Venture capital firm investing in fintech and technology-driven platforms.
- Investment Focus Areas: Financial technology, digital services, marketplaces.
- Notable Investments: Revolut, Zopa, Monzo.
3. Kreos Capital
- Details: Growth-stage debt provider and venture partner for technology companies.
- Investment Focus Areas: Technology, SaaS, growth financing.
- Notable Investments: Cazoo, Depop, Grover.
Where Is Grover’s Headquarters?
Grover is headquartered in Miami, Florida, providing strategic access to the U.S. consumer electronics market and proximity to major tech talent hubs while leveraging Miami’s growing startup ecosystem.
What’s Next for Grover?
Grover aims to expand its global footprint, enhance its mobile platform, and introduce new device categories and subscription plans. The company is focused on increasing enterprise partnerships, scaling operations, and driving adoption of electronics-as-a-service models, leveraging recent funding to accelerate growth and innovation in the rental marketplace.
Get Investor & Funding Insights with TexAu
TexAu helps sales and business teams uncover detailed fundraising information on companies like Grover. Use the platform to research investors, track funding rounds, and gather actionable insights to strengthen prospecting and business strategy.
Sign Up for Free on TexAu and start uncovering detailed funding insights that give your business a competitive edge.
