Providing affordable rental solutions to increase the utilization rate of electronics.
Founded in Berlin in April 2015, Grover is a well-known German e-commerce platform where consumers and businesses can rent electronic products at affordable rates. Customers can select how to get the product according to their requirements and budget and use the remote rental function on the e-commerce platform to complete the entire transaction process (contract signing, product use, and rental return). The process is simple and very convenient.
Grover collaborated with local banks to issue debit cards and uses a cashback program to turn general customers into loyal customers of the platform. The company also partnered with leading consumer electronic brands to start popular trends. The actions amass support from brand customers who are later transformed into loyal Grover customers.
Grover has sufficient financial resources to support its business operation and turnover needs. By working closely with the logistics chain and certified suppliers, the company can ensure that the item is in good shape before it is available for rent again while maintaining a competitive price. Their business model has received full support from the banking industries in the EU. Furthermore, since “rent, don’t buy” is a common practice in circular economies, many European countries already have a comprehensive legal system and a couple of supporting government policies to fully realize the model.
Case study company introduction
Founded in Berlin in April 2015, Grover is a well-known German e-commerce platform where consumers and businesses can rent electronic products at affordable rates.
The company is worth USD 890 million, just a small step away from becoming a unicorn business. In the recent series C funding, Grover received venture capital from the famous consumer electronics brand LG Group and the lead investor was Energy Impact Partners, a US venture capital company that focuses on energy consumption optimization and promoting energy sustainability.