BERLIN: Grover, a circular economy-based renter of consumer technology, has secured US$1billion in equity and asset-backed financing to increase its subscribers from 475,000 to five million by 2024.
Fasanara Capital will fund a special purpose entity to separate ownership of the assets from Grover’s subscription e-commerce platform and allow the start-up to focus on growing its markets in a bid to recirculate 24,000 tonnes of electronics in the next three years.
The company enables people and businesses to lease 3,000 products on a monthly basis, removing the need for capital expenditure.
At the end of the original subscription period the customer can buy the product, send it back or continue renting on a month-to-month basis.
Returned products are refurbished to an ‘as new’ condition and recirculated to make sure they stay in use and out of landfill. At end-of-life (EOL), Grover says it ensures the materials are reused or recycled.
Grover’s founder and CEO Michael Cassau commented: “Consumer electronics are fundamental to modern life and we believe that everyone should have access to the tech they need at prices they can afford.
“However the linear nature of society’s consumption over the years has led to e-waste becoming the fastest growing waste stream in the world. We’re capitalizing on a major shift in consumer preferences to bring more tech to more people, while reversing the alarming e-waste trend that has such severe environmental consequences.”
Currently marketing its service in Germany, France, Spain and The Netherlands, Grover says it has so far recirculated 475,000 products, equivalent to 1,400 tonnes of e-waste. According to the UN, the world generates 50 million tonnes of e-waste each year, only 20 percent of which is recycled.
Story Type: News