- Grover Deutschland GmbH raised $330 million at a valuation of over $1 billion, the Wall Street Journal reports.
- In a Series C round led by Energy Impact Partners, Grover raised $110 million in equity and $220 million in debt.
- The New York-based sustainability-focused investment firm provided $28 million in equity.
- Grover looks to utilize the proceeds to hire over 100 people in the U.S., mostly software engineers and product professionals, and advertise its service.
- The fundraising positioned the company renting out smartphones and other devices to expand in the U.S., its fastest-growing market.
- Grover runs an e-commerce platform to rent more than 3,000 products, including Apple Inc (NASDAQ: AAPL) iPhones and Apple Watches and Microsoft Corp (NASDAQ: MSFT) Xbox videogame consoles.
- Grover offers only products that are durable and can be repaired, avoiding low-cost devices.
- Grover's business-to-business rental service accounts for 15% of Grover's subscriptions. Grover looks to increase that figure to 40%.
