Case study hero image
Resource efficiency

Grover

Circularity European Growth Fund I

Germany

The average life of a mobile phone is just 18 months. Old devices sit in drawers or end up in landfill. According to the United Nations, the world generates 50 million tonnes of electronic waste each year, and only 20 percent of that is recycled. Grover’s solution is to cut waste by making tech reuse affordable and attractive. And it’s rapidly made them Europe’s market leader in consumer tech subscriptions. The solution works by enabling individuals and businesses to rent technology on a flexible basis, for periods as short as one month. After a subscriber has finished with a device, it is sent back to Grover, professionally refurbished and rented to another customer. At the end of their lives within the Grover ecosystem, Grover sells its devices to secondary market platforms to ensure devices go on to have at least one further use-cycle. This model enables Grover to deploy a single product to a number of different customers (3.5 on average) and improve asset utilisation. This generates superior financial returns in parallel with enhanced resource productivity when compared to a traditional “one-product-to-one-customer” sales model.  Grover hit ‘unicorn’ status in 2022 with a valuation over $1 billion and has exciting growth prospects as it expands into new markets.

Mixed media asset

Impact

475,000

Icon alt text

Products circulated between 2015 and 2021, equivalent to 1,400 tonnes of e-waste.

Mixed media asset
Mixed media asset

Financial

50%

Icon alt text

The amount Grover grew in 2022 to hit a valuation of over $1 billion.

Mixed media asset
Mixed media asset

Impact

475,000

Icon alt text

Products circulated between 2015 and 2021, equivalent to 1,400 tonnes of e-waste.

Mixed media asset
Mixed media asset

Financial

50%

Icon alt text

The amount Grover grew in 2022 to hit a valuation of over $1 billion.

Mixed media asset
Mixed media asset

Impact

475,000

Icon alt text

Products circulated between 2015 and 2021, equivalent to 1,400 tonnes of e-waste.

Mixed media asset
Mixed media asset

Financial

50%

Icon alt text

The amount Grover grew in 2022 to hit a valuation of over $1 billion.

Mixed media asset
Mixed media asset

Impact

475,000

Icon alt text

Products circulated between 2015 and 2021, equivalent to 1,400 tonnes of e-waste.

Mixed media asset
Mixed media asset

Financial

50%

Icon alt text

The amount Grover grew in 2022 to hit a valuation of over $1 billion.

Mixed media asset
Mixed media asset

Impact

475,000

Icon alt text

Products circulated between 2015 and 2021, equivalent to 1,400 tonnes of e-waste.

Mixed media asset
Mixed media asset

Financial

50%

Icon alt text

The amount Grover grew in 2022 to hit a valuation of over $1 billion.

Mixed media asset
Mixed media asset

Impact

475,000

Icon alt text

Products circulated between 2015 and 2021, equivalent to 1,400 tonnes of e-waste.

Mixed media asset
Mixed media asset

Financial

50%

Icon alt text

The amount Grover grew in 2022 to hit a valuation of over $1 billion.

Mixed media asset

Understand the investment:

Grover

More people, less product.

Grover is experiencing a significant vote in confidence from investors who are attracted by this sophisticated solution for consumers who value access over ownership, and factor sustainability into their spending decisions. The fast-growing company is redefining people’s relationship with their tech and challenges the “planned obsolescence” design for products which have an artificially limited useful life to increase sales volumes by reducing the time between repeat purchases. Grover is showing there is another, more sustainable path. Watch this short video to see the mission alignment between Circularity Capital and Grover, who are both scaling circular solutions globally.