By John Reynolds on Tuesday 1 October 2019
Berlin-based Grover specialises in flexible technology rentals.
Augmentum Fintech, which specialises in investing in fast-growing fintech companies before they reach the stock market, has made its first investment in the German market with a €6m ($5.32m) investment in a German technology rental platform.
Berlin-based startup Grover specialises in flexible technology rentals in computers, cameras and games.
Grover is trying to disrupt the consumer electronics market with its rental subscription offer. Customers and businesses rent products, starting at one month.
Grover distributes both through its own website and through retail partners.
It currently has a customer base of over 300,000 and has relationships with a number of major electronics retailers.
Augmentum joins other investors in Grover including Circulatiry Capital, Coparion and Commerzbank.
Tim Levene, CEO, Augmentum, said that the German market offered "huge potential" for Augmentum.
"Grover is a classic fintech disruptor. Its growth reflects a consumer trend for continued access to the latest electronic products. We believe this way of accessing technology 'ownership' will continue to scale across throughout Germany and across Europe," he said.
Michael Cassau, CEO, Grover, said: "This new funding round will enable us to drive services- and product innovation and bring Grover's future-orientated rental service for consumer electronics to new and international customers beyond the German market."
Last month, it was revealed Augmentum had seen an uplift in its stake in SME digital bank Tide, thanks to its credit-linked note (CLN) converting into equity.
The fund’s investment in Tide comprised a number of convertible instruments, which now imply a revised valuation of approximately £14.2m.
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