The circular economy is in fashion, and Grover – a German company for the rental and sale of technological products – is clear about it. Your investors too. The German company achieves the title of unicorn after a $110 million funding round, which are added to another 220 million in debt that they announce in the same operation. With the collaboration for this Series C round of Energy Impact Partners, the company’s objective is to continue expanding its international expansion and its idea of a circular economy
With the United States as the main focus of the German technology, Spain is also within the plans of the technology rental company. Specifically in Miami, where, as the company’s founder explains to hypertext, Michael Cassau, “is the natural place for the company in the United States and a great center of entrepreneurship” and where a large part of the efforts of the new round of financing will go. Beyond, of course, the popular Silicon Valley of the west. Before its opening across the pond, Grover opened an office in Spain. With several physical points of sale, among which a corner stands out in the new WOW – a new concept of sale in the capital of which they feel especially proud – their arrival in June 2021 has worked quite well. According to the data of the already now unicorn, in Spain it accumulates some 80,000 users and 3,000 products available.
All in all, this Glover operation joins a financing of more than 1,200 million euros since its foundation in 2015. Since then, and in addition to its headquarters in Spain, the United States and Germany, Grover’s technological circular economy has also reached Austria and the Netherlands.
Who is it for? The reality is that Grover targets all sectors. In addition to mobile phones and consumer technology for work, the German technology company has wanted to cover all these segments, in addition to entertainment. It is the division of consoles and drones or electric scooters that attracts the most attention. Because everyone needs a phone, but not a drone to play with on a weekend.
Prices? Well, it depends on the time and the subscription. Part of the 7 euros, but the reality is that with a quick look at its website it indicates that you will probably spend a little more. Because it is a circular economy, yes, but it is not given away either.
The chip crisis, a problem that suits Grover
2019 was a record year for e-waste globally. 53.6 million metric tons of products that will not have another life. The trend, furthermore, is for this to continue advancing. According to all the studies, in 2030 we will have doubled this production of technological waste. Spain, for its part, bears much of the blame for this process. It is one of the countries that generates the most waste within the European Union and from which most of its remains are sent to the Third World. Grover, on his way to Spain, wanted to attack precisely this weak point of the country.
However, there is one point that has unintentionally affected Grover for the better. The chip crisis, born in China, and that has turned half the planet upside down since the pandemic. The war in Ukraine and the energy crisis have also not helped a process of scarcity that the world is going through. For the company, which they explain, it just means better management to have the products on time and at the moment.”
Without chips for cars, Play Station 5 or simply mobiles – Apple itself was compromised in the launch of its new devices due to the semiconductor crisis – all the companies that produce have had to modify their processes to adapt to the long queue of pending products that accumulate. Grover, on his product rental mission, is in a good position. Faced with a growing demand, temporary rent can be the middle way to get hold of some products that are currently in the doldrums. Circular economy yes, but on the wave of the greatest scarcity in history.