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Grover raises €60 million in Series B funding to take consumer tech subscriptions mainstream

Published

4 years ago

April 13, 2021

Grover, Europe’s market leader in consumer tech subscriptions, today announces that it has secured €60 million in an oversubscribed Series B round. The funding will be used to increase market penetration, advance product innovation and accelerate international expansion in support of the company’s ambitious goals of tripling its subscriptions by the end of the year, and driving an industry shift toward a more circular approach to consumer electronics. The funding round follows a strong year of growth in 2020, which saw the business increase by 2.5x as consumers flocked to the company’s flexible rental service.

The round is made up of €45 million from equity investors and €15 million in venture debt financing. Investors in the round are a combination of existing and new investors. New investors in the round were led by Jonathan Schneider at private equity firm JMS Capital-Everglen, with participations from Viola Fintech, Assurant, as well as a number of founders and angel investors from Europe and North America. Existing investors coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next also invested in the round, amongst others. The €15 million venture debt portion of the round was issued by European growth debt provider Kreos Capital.

Grover enables people and businesses to rent technology monthly instead of buying it, giving them more flexibility than an outright purchase or financing plan, and allowing them to get the tech they want in a way that fits both their lifestyle and their wallet. By recirculating products across multiple rental cycles, Grover’s subscription model also offers a more sustainable alternative to conventional linear consumption.

This customer value proposition proved especially strong during the last year of the Coronavirus pandemic, where technology gained greater significance in people’s lives, consumers shopped more mindfully, and sought out flexible access options to help them stay in control of spending. Grover experienced record demand in 2020, closing out the year with 2.5x year-over-year growth, net revenues of €37 million for the fiscal year, and over 4,000 metric tons of CO2 saved thanks to device recirculation. 2020 also saw the company achieve €60 million in annual recurring revenue (ARR) [1] and become profitable on EBITDA-level for the first time.

Grover will use the new capital to double down on its core purpose of giving people a flexible, sustainable and financially healthy way of accessing tech, with the aim of tripling its subscriptions to a total of 450,000 by the end of 2021 and driving an industry shift toward a more circular approach to consumer electronics.

Grover’s plans for this year include:

Further scaling up its core markets – Germany, Austria and the Netherlands – and rolling out its service in new markets, including Spain and the US.
Advancing leading-edge product innovations, including the launch of a flat rate tech subscription, an embedded financial service and an enhanced business customer offering.
Expanding its product portfolio into new categories like connected health and fitness devices, consumer robots and smart appliances.
Investing in top talents and team development to drive company growth. This includes the recent addition of Michael Kostadinovich (ex Better.com) to Grover’s executive team, who took up his post as Chief Technology Officer on 1 April.

Michael Cassau, CEO and Founder of Grover: “Now more than ever, consumers value convenience, flexibility and sustainability when they shop for and use products. This is especially true when it comes to technology and all of the possibilities that it has to offer — whether that’s productivity, fun, or staying in touch with our loved ones. The fresh funding allows us to bring these possibilities to even more people across the world. It enables us to double down on creating an unparalleled customer experience for our subscribers, and to push the boundaries of the most innovative ways for people and businesses to access and enjoy technology. The strong support from our investors confirms not only the important value our service brings to people, but also Grover’s vast growth potential. We’re still just scratching the surface of a €1 trillion global market.”

Related Topics:Grover latest-news Michael Cassau

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Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

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Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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EliTe Solar: Realizing Our Mission and Standing by Our Core Values

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

elite-solar:-realizing-our-mission-and-standing-by-our-core-values

Written by Arndt Lutz, CEO of EliTe Solar

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — EliTe Solar is dedicated to advancing technology with a strong focus on quality, sustainability, and meaningful partnerships. For nearly two decades, EliTe Solar has led the solar industry by adapting to changing market demands and setting standards in customer service and quality as evidenced by third party reviews. The company’s comprehensive strategy starts with ingots and wafers to cells and modules, supported by a global supply chain. This vertical integration underscores EliTe Solar’s commitment to excellence.

EliTe Solar’s core principles of honesty and transparency drives the company’s growth and actions. By upholding these values, EliTe Solar consistently goes above and beyond for their clients. Open communication is central to their work, fostering trust and loyalty. EliTe Solar ensures their clients are informed every step of the way—from production to customs clearance, and final delivery.

EliTe Solar offers a diverse range of products tailored to different needs. The company’s goal is to optimize module performance and achieve a low Levelized Cost of Electricity (LCOE), delivering lasting value for customers while minimizing costs and environmental impact. This approach supports their partners’ energy goals and contributes to a broader sustainability mission.

EliTe Solar’s supply chain is meticulously designed to meet high standards and market demands. The company sources all materials outside China to ensure traceability from raw material to final product. With ingot and wafer production in Vietnam, cell and module production in Indonesia, and manufacturing in Egypt and soon, the U.S., EliTe Solar maintains compliance and uphold supply chain integrity.

EliTe Solar’s project management expertise sets them apart, especially in challenging environments. Currently, the company is transporting one million solar panels to a remote site in Utah with EV trucking from Hight Mobility, working closely with their client and partners to ensure timely delivery and smooth communication. This demonstrates EliTe Solar’s dedication to reliability and strong partnerships.

EliTe Solar prioritizes inland and ocean transportation management, timely customs clearance, and comprehensive post-sales support to deliver reliability and customer satisfaction.

The company’s commitment to sustainability extends beyond eco-friendly energy options. EliTe Solar actively engages with communities to foster positive social impact. For example, the company recently awarded $50K in scholarships with Utah universities to support future solar industry professionals. This investment in education strengthens the sector’s future and contributes to global sustainability.

In the coming months, EliTe Solar is preparing to expand in Egypt and establish solar cell production in the U.S., creating jobs and reinforcing a dependable supply chain. With a track record of reliable service and top-tier solar technology, the company is proud to have supplied over 10 GW of solar modules worldwide, playing a vital role in the shift to sustainable energy. As EliTe Solar continues to grow, the company’s principles of quality, transparency, and sustainability will guide every member, positioning EliTe Solar as a leader in the global solar industry.

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Africa Exclusive: Bybit Promotes Crypto Education with P2P Security Webinar

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

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DUBAI, UAE, Nov. 22, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, sets out to raise awareness of P2P security and to equip users with the latest anti-fraud knowledge and tools in a new learn and earn event exclusively for users in Africa. Hosting a P2P security Webinar on Nov. 25, Bybit P2P will also be announcing a prize pool valued at 10,000 USDT for a new Africa-exclusive deposit event.

P2P Security Webinar
On Nov. 25, the live webinar on P2P security will be broadcast in the Bybit Africa Telegram group from 7 to 9PM UTC. Attendees may benefit from a comprehensive session on tips and the latest know-how on asset safety and counterparty risks. The free webinar will cover the following topics:

Fraud detection: users will learn about signs of common scams and steps to verify payment authenticity.
Staying safe with Bybit P2P: users get to discover Bybit’s security tools and the latest features to combat fraudulent attempts.
Trading with confidence: users will gain practical advice and practical tips on how to trade safely.

The floor will be open for a live Q&A session after the sharing by Bybit P2P experts. Ahead of the webinar, attendees are invited to submit questions and the lucky ones will win 10 USDT if their questions are chosen by the speakers.

10,000 USDT Rewards for First-Time Deposits
From Nov. 25 to Dec. 15, 2024, new users who successfully sign up for a Bybit account and complete Identity Verification Level 1 may be eligible to share in a 10,000 USDT prize pool reserved for eligible users in Africa only. Users must sign up for the event and make a deposit via Bybit P2P to qualify and win up to 10 USDT, terms and conditions apply.

“Financial fraud is an age-old challenge and users must stay vigilant as scammers and fraudsters evolve. Bybit is constantly investing in our hardware and software to build the necessary guardrails for our platform. It does not take away the importance of user education, however, and we hope through engagements of this kind, we can help elevate the community on a path of growth,” said Joan Han, Sales and Marketing Director at Bybit.

P2P is an organic part of the crypto economy and helps to promote inclusivity in emerging economies. With Bybit P2P, users of all levels may access the user-friendly peer-to-peer trading platform to trade between themselves at an optimal, agreed-upon price. The service minimizes the need for the middleman, improving cost effectiveness while providing exchange-backed platform security.

Find out more about the event and eligibility at Bybit P2P.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media