UK FinTech VC makes first German investment
FinTech specialist investment firm Augmentum Fintech has made its entry into the German market after putting €6m into tech rental platform Grover.
The Berlin-based firm offers the ability to ‘subscribe’ to tech products on a monthly basis instead of buying them, and has received the funds as part of a €11m equity round.
Founded in 2015, Grover’s platform offers consumer electronics rentals in what it calls the ‘circular economy’, allowing both consumers and businesses to use smartphones, laptops, VR gear and wearable without purchasing them.
Grover distributes both through its own website and through retail partners and currently has a customer base of over 300,000.
Tim Levene of Augmentum Fintech said the German market offers huge potential for the investment house.
“Over the past year we have spent a significant amount of time analysing a number of compelling German fintech opportunities,” he said.
“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."