Grover is a technology company that specializes in connecting people and businesses with technology products uniquely. The founder of the company saw that many individuals and companies require a particular kind of technology, device, or equipment, which is temporary. In some cases, it is more efficient to rent the technology for the amount of time that it is needed versus purchasing it when it will not be needed in the future. Grover allows people to subscribe to tech products every month. Its clients who subscribe are given access to a range of tech products for monthly rental fees. To help you become more familiar with this exciting startup here are 20 things you didn't know about Grover.
1. Grover is a European startup
According to Zoom Info, Grover is the market leader in Europe for technology rentals. It is a European company that serves several countries within the European Union. The headquarters of Grover is located at 11 Holzmarketstrasse in Berlin, Germany.
2. Grover offers a diverse inventory of tech products for subscribers
Owler explains that although Grover is considered a technology company, it is more closely aligned with the rental industry, offering tech products. There are more than 2,500 different products available in its inventory. These include computers and smartphones for rent, as well as gaming consoles, games, and related consumer electronics, as well as some items from the transportation industry such as electric scooters.
3. Grover is only 6 years old
Grover was founded in early 2015. Per its age in years, it is still in its infancy, but the firm has grown exponentially in recent years and is far ahead of the expected growth curve for new startups. It is ranked as a business-to-consumer company that provides services directly to its subscribers, according to Pitchbook.
4. The CEO is Michael Cassau
Michael Cassau is the chief executive officer who stands at the helm of leadership for Grover. He is also the founder of the company who first imagined it as a concept for saving money and eliminating waste. He saw the potential solution in a business that offered technology devices for rent to consumers, versus selling them products that they may not need for the long term.
5. The founder is highly educated
Michael Cassau has an extensive education. He received his JD in law and has passed his exams. He is qualified to be a practicing attorney. As such he is uniquely aware of the laws and regulations about business practices. This helps him to have a keen sense of how best to lead the team at Grover in providing rental of third-party products manufactured by other brands. This knowledge helps Grover to remain within the legal limits of renting out technology products that are made from other companies, without infringing on any protected practices.
6. Grover is run with a small team
Cassau maintains a small team of executive leaders for Grover. He is the founder, also serving as CEO and managing director. He also has qualified people in the seats of chief financial officer, chief product officer, chairman, and two other executive positions. Maintaining a small group of leaders helps to enhance communication without muddying the waters with too many people in charge.
7. Grover is a private company
According to Crunchbase, Grover is a business that is privately held by its original owner. Michael Cassau has not taken it into the arena of public offering at this time. There has been no real need for him to make it a publicly-traded entity because he has had ample financial backing from others. Some venture capital firms do have an interest in Grover because of the startup and expansion funding they've provided through venture capital investments. So far, there has been no indication that Cassau is considering making such a move as filing for an IPO. You won't find Grover listed on any of the public exchanges that offer shares for sale.
8. Grover has solid financial backing
Grover has received venture capital funding since 2017. The company received funds from Varengold Bank for 4 million Euros for debt financing. This was followed by a round of Seed funding with 3 investors who raised an additional 8 million to help get the new startup established and on a firm financial footing. These were just the preliminary rounds with a total of 12 million raised from a total of 4 different investors. Varengold Bank followed up the same year with an additional 6 million in debt financing to get the tech startup into a position for an opening for operation.
9. Grover has raised 342 Million Euros
Grover has been successful in raising a total of 342 million from venture capital firms and other investors. So far, it has participated in a total of 11 funding rounds which have all helped to contribute to its current valuation. Varengold Bank provided 2 more rounds of debt financing in the amounts of $15 million, then again with an additional $30 million, followed by the highest round of debt funding in January of 2020 with an additional 195 million. Michael Cassau has had no problem financing the startup and operations of Grover since its inception.
10. Grover is backed by 18 investors
Confidence is high in Grover with its investors. A total of 18 different banks and investment firms have made investments of millions of dollars into the infrastructure of the company. 6 lead investors are noteworthy, including JMS Capital Everglen, Varengold Bank, Augmentum Fintech, Kreos Capital, Circularity Capital, and one other that has remained anonymous. There is no need for Grover to file an IPO with such strong financial backing for expansion and operations.
11. Grover is still expanding
According to the LinkedIn page associated with Grover, it looks like Grover is getting ready for another big growth spurt. It is currently listing 53 new jobs that have become available within the company. All of the positions are located at the headquarters in Berlin, Germany. We noted that they're advertising for B2B specialists, which indicates that perhaps Grover is intending to expand its operations past the B2C format into new territories, soliciting partnerships with other businesses. Although this has not been officially confirmed, the new job position does call for an expert in this area. Grover's top brass is good at dropping small hints about future expansion but they're leaving it up to the imaginations of speculators for now.
12. Grover treats its workers with respect
Grover is taking a smart approach to hiring its workforce. They offer competitive wages and a generous benefits package. The company also offers workers a variety of tech discounts with an ever-expanding list of perks for working for them. They ask for experienced applicants, which means they are looking for staff who bring specific talents to the team. They also offer flexible work hours and locations for some of the positions. Grover offers semi-remote work structures that include both working at the office and working remotely. They leave it up to the new employees to help determine how much time is spent in the office and how much time is spent working remotely from home or other locations. It's difficult to find such a flexible work environment these days.
13. Grover encourages entrepreneurship
Michael Cassau is a talented entrepreneur and he holds those who have dreams and a vision for striking out on their own in high regard. Grover is transparent about the fact that the company is looking for workers with an entrepreneurial spirit. It's listed among the responsibilities for new hires. Grover provides opportunities for an upward career growth path for its staff. This is a strong incentive to apply, get hired, and stay with the company and it helps to encourage those with long-term career goals to apply.
14. Grover encourages teamwork
We were interested in knowing more about what it is like to work at Grover, and about its core philosophies. From our research, we see that there is a heavy emphasis put on teamwork, but it goes beyond that. The language in all of Grover's job announcements reaches out to people who value diversity and establishing meaningful working relationships with colleagues. One of the recurring themes in job announcements is that everyone gets along with one another in a diverse global team with 40 nationalities represented. It's more than suggested that the people who work for Grover are nice people who all believe in working together to achieve work-related goals and that they eventually become friends. This is the future that Grover is working to foster in its corporate personality. The company also sponsors team events that are structured to bring people together in a fun and enjoyable environment where everyone works together for the common good.
15. Grover is adding more subscription options
Grover has seen incredible growth in its subscription sales. As of September, there were 100,000 subscribers. By April 1, 2021, this number grew to 150,000 subscribers. This is a positive trajectory for Grover. An additional $71 million in funding was recently raised and it is earmarked for expansion funding. Grover is set to expand into several new markets while growing the business in Germany, the Netherlands, and even expanding into Austria in 2021. In addition to taking in more territory, they have plans to add a variety of new product categories to their current inventory. Grover is planning to add sections for smart appliances for rent as well as consumer robots, and fitness devices. If Grover continues on its current positive trajectory it is estimated that by the end of 2021, subscriptions will increase from their current 150,000 to approximately 450,000. This figure suggests that the growth is going to triple the base of subscribers, according to Techcrunch.
16. Grover is keeping its current valuation a secret
We scoured the internet to attempt to find out the precise valuation of Grover. We learned from a few sources that Grover is choosing not to divulge its current valuation. We suspect that it may have reached unicorn status but could not confirm this fact one way or another.
17. Threefold increase in business may push Grover over the top
If Grover achieves the threefold increase in subscription services it is anticipating, it's going to triple the revenues. This may be a factor that will push the company over the top in its valuation. We are predicting that by the start of 2022 it will at a minimum reach the $1 billion required for unicorn status.
18. Grover is only available in Europe
Although Grover is expanding its operations, it's not worldwide. At least not yet. The novel rental business for technology devices is something that could easily catch on in the rest of the world. So far, Grover provides services for people living in Germany. It is also active in the Netherlands. The coming expansion will extend rentals/subscriptions to the people in Austria. It's not yet available in other parts of the world.
19. Grover is considering worldwide expansion
We learned through Techcrunch that Grover is looking at the boundaries for its company. There are plans to push these boundaries even further. While expansion is an expensive business, there doesn't seem to be a problem with fundraising. Investors are providing strong support, and the CEO of the company is weighing what he calls "Grover's vast growth potential."
20. Grover is only scratching the surface of its potential
Michael Cassau shares he believes that the position that Grover occupies in the market today is just the beginning. He believes that it's barely scratching the surface of its true potential. He points out that there is a trillion-dollar global market which suggests that we're going to see Grover expand worldwide in the years to come.
Written by Allen Lee
Read more posts by Allen Lee