Subscription-Based Consumer-Tech Company Grover Valued at $1 Billion

Grover, which allows people to subscribe to consumer-tech products rather than buy them, raised $330 million in equity and debt funding, which brought the company’s valuation to over a billion dollars, a press release said.

The new funding will see Grover furthering its mission to democratize consumer tech access, allowing the circular economy to expand to more countries and adding more subscribers in existing markets.

The company opened a base in Miami in 2021, and the release notes Grover’s focus on the U.S. this year for additional expansion.

The round was led by Energy Impact Partners. Other investors included Co-Investor Partners, Korelya Capital and the Mirae Asset-LG Electronics New Growth Fund. Existing investors Viola Fintech, Assurant and coparion also contributed, and there was some debt financing from Fasanara Capital.

Michael Cassau, Grover’s Founder and CEO, said the company wanted to be a “global leader in consumer-tech subscriptions.

“The tech rental movement is a major worldwide societal shift, one that will transform how we access and use technology to be more flexible and sustainable,” he said, per the release. “We see players from all sides of the market getting ready to join this phenomenal new market segment with extraordinary growth and profit opportunities ahead. We are proud to be the leading pioneer in this new $100 billion+ market. We will work very hard to leverage our frontrunner position and are excited to welcome all our new investors. Our joint goal is to simplify access to consumer tech and to bridge the tech gap for people all around the world.”

PYMNTS wrote that Grover had expanded its services in the U.S. as of last year, which was a way to get more Americans access to new tech without committing or paying too much.

Read more: After Explosive European Growth, Grover Brings Tech Rental Service to US

According to Andrew Draft, vice president and U.S. general manager, the size of the market and the way eCommerce had evolved in the U.S. made it lucrative.