SevenVentures invests in Grover
April 7, 2022
SevenVentures, the investment arm of ProSiebenSat.1 and part of the Group’s Commerce & Ventures segment, has acquired shares in Grover, the consumer-tech subscription platform, via a media-for-equity investment.
As part of the Series C financing round of the successful Berlin-based start-up, which thus reaches a valuation in the billions, SevenVentures invests and further expands its cooperation with Grover for the rental of technology products. SevenVentures will receive shares in the company in return for media services.
Florian Hirschberger, CEO SevenVentures, commented: “The continued collaboration underscores that, as a leading TV media investor, we believe in Grover’s strategy to serve consumers’ growing demand for flexible, affordable and sustainable options to use technology. Grover’s rapid growth and increased brand awareness demonstrate the value our investment unit brings to consumer-focused growth companies and how they can achieve sustainable success through individually tailored investments in the form of media performance. As SevenVentures, we place particular value on partnership-based support for our investments and close cooperation with their management teams.”
Michael Cassau, founder and CEO of Grover, added: “With Grover we are building the global leader in consumer-tech subscriptions. The fast development towards the rental market of technology products is part of a major shift that is shaping our society. The way we access and use technology to be flexible and more sustainable is changing. We are very excited to continue our successful partnership with SevenVentures for the long term to simplify and democratize access to consumer tech and close the technology gap for people around the world. The extensive campaigns on ProSiebenSat.1 have further increased awareness and trust in the Grover brand.”
The Grover rental commerce platform addresses the growing social trend away from material possessions towards access to technology and, contributes to building a circular economy for high-end consumer electronics. Grover receives a total of $110 million in equity capital in the financing round led by US investor Energy Impact Partners and also secures a further $220 million in debt capital. The company has thus become a unicorn. The aspiring start-up intends to use this capital to drive forward its international expansion in a continuously growing market segment, as well as to further develop its existing sales markets, including Germany and Austria.
SevenVentures will continue to support Grover with individually tailored 360° digital and TV campaigns to further increase the start-up’s brand awareness and accelerate its rapid growth.