€6 million investment into German fintech Grover
1 October 2019
Augmentum Fintech plc
€6 million investment into German fintech Grover
Augmentum Fintech plc (LSE: AUGM) (the “Company†or “Augmentumâ€), the UK’s only publicly listed investment company focusing on the fintech sector, announces that the Company has made its first investment in Germany with a €6 million investment in Grover (http://www.Grover.com/), the German technology rentals platform.
Augmentum’s investment leads a €11 million funding round, and coincides with Grover signing a new €30 million debt facility with Varengold Bank, one of Germany’s major fintech banking partners.
Through this investment, Augmentum joins existing investors including Circularity Capital, Coparion, Samsung NEXT, Commerzbank’s Main Incubator and Varengold Bank in backing Grover, which brings the “access economy†to the consumer electronics market by offering a monthly subscription model for technology products. Through Grover, private customers as well as businesses rent “tech†flexibly, starting at one month, and return the items at the end of the agreed rental period. Distribution is both through Grover.com and online and offline through retail partners such as MediaMarktSaturn, a retailer with 400-plus stores across Germany.
Tim Levene, of Augmentum Fintech said: “The German market offers huge potential for Augmentum. Over the past year we have spent a significant amount of time analysing a number of compelling German fintech opportunities. 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 Europeâ€.
Michael Cassau, Founder & CEO of Grover added: “I am very pleased to welcome Augmentum as a new investor and am delighted with the overall confidence of our investment partners in Grover's long-term business success. The team at Augmentum brings ten-years of experience of successful investing in fintech, and uniquely gives us visibility in the public and wider capital markets space. Our total funding to date has now exceeded €100 million, solidifying Grover’s position as a leading player in the German start-up ecosystem. This new funding round will enable us to drive service- and product innovation and bring Grover’s future-oriented rental service for consumer electronics to new and international customers beyond the German market."
For further information please contact:
| Augmentum Fintech Tim Levene, Portfolio Manager Nigel Szembel, Investor Relations |
+44 (0)20 3961 5420 +44 (0)7802 362 088 / nigel@augmentum.vc |
| Peel Hunt Liz Yong/Luke Simpson |
+44 (0)20 7418 8900 |
| Frostrow Victoria Hale, Company Secretary |
+44 (0)20 3170 8732 info@frostrow.com |
About Augmentum
Augmentum invests in fast growing fintech businesses that are disrupting the banking, insurance, asset management and wider financial services sectors. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines.
About Grover
Grover (Grover.com) is one of Europe’s market leaders in technology rentals, bringing the access economy to the consumer electronics market, by offering a simple, monthly subscription model for the best in tech. Grover is the first financing company for the circular economy, breaking the link between ownership and use, and buying products, so people don’t have to. Private customers as well as businesses get access to a wide range of over 2000 tech products including smartphones, laptops, virtual reality (VR) gear, and wearables, profiting from flexibility and full usage rights at a fraction of the purchase price. Rentals are available on Grover.com and through Grover’s broad online and offline partner network including Europe’s leading electronics retail group, MediaMarktSaturn, as well as Gravis, Conrad and Tchibo. The service allows its users to keep, switch, buy, or return products depending on their individual needs, to maximize the value of their tech in their lives.
Michael Cassau founded Grover in 2015 after realising that there was no possibility to flexibly access to consumer goods at the time. Grover is Cassau’s answer to the access over ownership movement, which also allowed companies such as Netflix, AirBnB and Spotify to grow and succeed. With a total financing volume of €103 million to date and over 80 employees, Grover is one of Germany’s best funded startups.
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