Germany-based technology rental service Grover €41m ($44.7m) in debt and equity financing from investors including electronics manufacturer Samsung’s Next unit and financial services firm Commerzbank’s Main Incubator.
Fintech investment firm Augmentum led the $12m equity portion of the round with a $6.5m commitment. It was joined by the corporates as well as financial services firm Varengold Bank, Circularity Capital and Coparion.
Varengold also provided a $32.7m credit facility together with its contribution to the equity portion of the round.
Grover offers high-tech consumer goods like laptops, smartphones, wearable devices and virtual reality equipment that can be rented at a monthly rate, bought or returned according to the customer’s needs.
Circularity Capital led Grover’s $14m series A round, secured in July 2018 alongside $29.3m in debt, investing with Samsung Next, Varengold Bank, Main Incubator, Coparion, Global Founders Capital (GFC), Hannover Innovation Fund, KRW Schindler Investments and Seedcamp.
Main Incubator had already joined GFC, Hannover Innovation Fund, KRW Schindler and Seedcamp in the company’s $1.1m seed round in 2015. It said this week it has now raised €103m ($112m) in financing since it was founded the same year.
