1 October 2019
Augmentum Fintech
plc
€6
million investment into German fintech Grover
Augmentum Fintech plc (LSE: AUGM) (the “Company” or
“Augmentum”), the UK’s only publicly listed investment company
focusing on the fintech sector, announces that the Company has made
its first investment in Germany
with a €6 million investment in Grover
(http://www.Grover.com/), the German technology rentals
platform.
Augmentum’s investment leads a €11 million funding round, and
coincides with Grover signing a new €30 million debt facility with
Varengold Bank, one of Germany’s major fintech banking
partners.
Through this investment, Augmentum joins existing investors
including Circularity Capital, Coparion, Samsung
NEXT, Commerzbank’s Main Incubator and Varengold Bank in
backing Grover, which brings the “access economy” to the consumer
electronics market by offering a monthly subscription model for
technology products. Through Grover, private customers as well
as businesses rent “tech” flexibly, starting at one month, and
return the items at the end of the agreed rental
period. Distribution is both through Grover.com and
online and offline through retail partners such as
MediaMarktSaturn, a retailer with 400-plus
stores across Germany.
Tim Levene, of Augmentum Fintech said: “The
German market offers huge potential for Augmentum. Over the past
year we have spent a significant amount of time analysing a number
of compelling German fintech opportunities. Grover is a classic
fintech disruptor. Its
growth reflects a consumer trend for continued
access to the latest electronic products. We believe this way of
accessing technology “ownership” will continue to scale across
throughout Germany and across
Europe”.
Michael Cassau, Founder & CEO of Grover added: “I am very
pleased to welcome Augmentum as a new investor and am delighted
with the overall confidence of our investment partners in Grover's
long-term business success. The team at Augmentum brings ten-years
of experience of successful investing in fintech, and uniquely
gives us visibility in the public and wider capital markets space.
Our total funding to date has now exceeded €100 million,
solidifying Grover’s position as a leading player in the German
start-up ecosystem. This new funding round will enable us to drive
service- and product innovation and bring Grover’s future-oriented
rental service for consumer electronics to new and international
customers beyond the German market."
For further information please contact:
Augmentum Fintech
Tim Levene, Portfolio Manager
Nigel Szembel, Investor Relations |
+44 (0)20 3961 5420
+44 (0)7802 362 088 / nigel@augmentum.vc |
Peel Hunt
Liz Yong/Luke Simpson |
+44 (0)20 7418 8900 |
Frostrow
Victoria Hale, Company Secretary |
+44 (0)20 3170 8732
info@frostrow.com |
About Augmentum
Augmentum invests in fast growing fintech businesses that are
disrupting the banking, insurance, asset management and wider
financial services sectors. Augmentum is the UK’s only
publicly listed investment company focusing on the fintech sector
in the UK and wider Europe, having
launched on the main market of the London Stock Exchange in 2018,
giving businesses access to patient capital and support,
unrestricted by conventional fund timelines.
About Grover
Grover (Grover.com) is one of Europe’s market leaders in
technology rentals, bringing the access economy to the consumer
electronics market, by offering a simple, monthly subscription
model for the best in tech. Grover is the first financing company
for the circular economy, breaking the link between ownership and
use, and buying products, so people don’t have to. Private
customers as well as businesses get access to a wide range of over
2000 tech products including smartphones, laptops, virtual
reality (VR) gear, and wearables, profiting from flexibility and
full usage rights at a fraction of the purchase price. Rentals are
available on Grover.com and through Grover’s broad online and
offline partner network including Europe’s leading electronics
retail group, MediaMarktSaturn, as well as Gravis, Conrad and
Tchibo. The service allows its users to keep, switch, buy, or
return products depending on their individual needs, to maximize
the value of their tech in their lives.
Michael Cassau founded Grover in 2015 after realising that
there was no possibility to flexibly access to consumer goods at
the time. Grover is Cassau’s answer to the access over ownership
movement, which also allowed companies such as Netflix, AirBnB and
Spotify to grow and succeed. With a total financing volume of
€103 million to date and over 80 employees, Grover is one
of Germany’s best funded startups.