A startup tapping into the concept of the circular economy, where people don’t buy items outright but pay an incremental amount to use them temporarily, has raised some funding to scale its business in Europe and beyond. Grover, a Berlin-based startup that runs a subscription model where people can for set fees rent out consumer electronics like computers, smart phones, games consoles and scooters, has picked up €60 million ($71 million).
The funding is coming in the form of €45 million in equity and €15 million in venture debt.
The company, which as of September last year had 100,000 subscriptions and now has around 150,000, said it aims to triple subscriptions to 450,000 by the end of 2021. It will be using the funds to expand to more markets — both to grow its business in Germany, Austria and the Netherlands (where it’s already operating) and to launch in Spain and the U.S. — and to add more product categories into the mix, including health and fitness devices, consumer robots and smart appliances.