Osborne Clarke advises Grover on bridge financing of EUR 50 million

Osborne Clarke has advised rental electronics start-up Grover on the completion of a bridge financing, raising a total of EUR 50 million.

Grover is a provider of rental electronic devices, allowing both private and corporate customers to subscribe to tech products on a monthly basis instead of purchasing them. Founded in 2015, subscribers to Grover and Grover Business gain access to a range of over 8,000 products, including smartphones, laptops, virtual reality equipment, wearables, and smart home devices. Additionally, Grover Business manages the procurement and management process of the technology. With a total financing volume of over EUR 1.4 billion, Grover is considered one of the fastest-growing scale-ups in Europe, employing over 300 staff members.

The company has now secured bridge financing of EUR 50 million. The financing was led by the private-public Cool Japan Fund (CJF), marking its first investment in Grover. Existing investors such as Energy Impact Partners, Korelya, Augmentum, and Circularity Capital also contributed additional capital.

Since its founding in 2013, CJF has aimed, according to Grover, to contribute to the sustainable growth of the Japanese economy by increasing international demand for Japanese products and services. The investor sees Grover as a perfect partner to make high-quality Japanese tech products accessible to a large consumer base in a sustainable manner.

“Grover has reached the operational break-even point and, with the new capital, can continue to focus on responsible growth across the company,” said Linda Rubin, Interim CEO of Grover.

The Osborne Clarke team advising Grover, led by Maximilian Vocke, included Dana Alpar and Dr Paul Rhode (all Corporate / VC).

Lucian Becher (Managing Director Chief Legal Officer), Maximilian Assinger (Senior Counsel) and Selda Aran (Data Protection & Cybersecurity Counsel) provided in-house support for the financing.