Hogan Lovells advises Grover on a €270 million asset-backed capital funding

With the fresh capital Grover will expand its product inventory to serve rising demand from customers in existing markets such as Germany, Spain, Netherlands, and Austria and into new European markets.

Grover's customer base has grown by more than 50 percent since the beginning of the year with demand particularly strong in the US and Western Europe, and in the B2B segment.

With the new funding, Grover will continue to bridge the digital divide for consumers around the world.

Grover rents electronics for a limited period of time. Via the platform, customers are able to rent electrical appliances for an indefinite period of time without a minimum contract term, deposit or other obligations and can then decide buy or return the products.

The company is thus taking a pioneering role in promoting the sustainable circular economy: By 2024, the company aims to avoid 24,000 tons of e-waste by renting out consumer electronics. Founded in 2015, Grover is now one of the unicorns among German start-ups, with a valuation in the billions.

Hogan Lovells regularly advises Grover in financing transactions and has also advised here on all issues relating to the structuring and documentation of the financing.

Hogan Lovells Team for Grover

Dr Dietmar Helms (Partner), Johannes Rothmund (Counsel) (both Capital Markets, Frankfurt);

Dr Heiko Gemmel (Partner), Nico Neukam (Counsel) (both Tax, Dusseldorf);

Robert Masman (Partner), Parsa Shirazi (Associate) (both Banking and Finance, Amsterdam);

Alexander Fortuin (Counsel), Matthijs Dols (Senior Associate) (both Tax, Amsterdam);

José Luis Vázquez (Partner), Carlos Meijide (Senior Associate), Laura Wouters, Rodrigo Urosa (Associates) (all Banking and Finance, Madrid).