SevenVentures invests in Grover: Series C financing round makes German company a unicorn
Unterföhring, April 7, 2022 – SevenVentures, the investment arm of ProSiebenSat.1 and part of the Group's Commerce & Ventures segment, acquires shares in Grover, the leading consumer-tech subscription platform, via a media-for-equity investment. As part of the Series C financing round of the successful Berlin-based start-up, which thus reaches a valuation in the billions, SevenVentures invests and further expands its cooperation with the European pioneer for the rental of technology products. SevenVentures receives shares in the company in return for media services.
Florian Hirschberger, CEO SevenVentures: "The continued collaboration underscores that, as a leading TV media investor, we believe in Grover's strategy to serve consumers' growing demand for flexible, affordable and sustainable options to use technology. Grover's rapid growth and increased brand awareness demonstrate the value our investment unit brings to consumer-focused growth companies and how they can achieve sustainable success through individually tailored investments in the form of media performance. As SevenVentures, we place particular value on partnership-based support for our investments and close cooperation with their management teams".
Michael Cassau, founder and CEO of Grover: "With Grover we are building the global leader in consumer-tech subscriptions. The fast development towards the rental market of technology products is part of a major shift that is shaping our society. The way we access and use technology to be flexible and more sustainable is changing. We are very excited to continue our successful partnership with SevenVentures for the long term to simplify and democratize access to consumer tech and close the technology gap for people around the world. The extensive campaigns on ProSiebenSat.1 have further increased awareness and trust in the Grover brand."
The Grover rental commerce platform addresses the growing social trend away from material possessions towards access to technology and, as a pioneering company, contributes to building a circular economy for high-end consumer electronics. Grover receives a total of 110 million US dollars in equity capital in the financing round led by US investor Energy Impact Partners and also secures a further 220 million US dollars in debt capital. The company has thus become a unicorn. The aspiring start-up intends to use this capital to drive forward its international expansion in a continuously growing market segment, as well as to further develop its existing sales markets, including Germany and Austria. SevenVentures will continue to support Grover with individually tailored 360° digital and TV campaigns to further increase the start-up's brand awareness and accelerate its rapid growth.
In this way, SevenVentures is making a significant contribution to the value-creating development of the new unicorn, as ProSiebenSat.1's media offering addresses a particularly relevant target group for whom sustainability is playing an increasingly important role in their own consumer behavior. In addition, Grover sees access to modern technology as a form of social participation. The entrepreneurial actions of the Berlin start-up enable everyone to use technology through flexible rental models. Through its campaigns on the ProSiebenSat.1 Group's wide-reaching channels, Grover has been able to significantly raise awareness for the topic of circular economy in technology products.
In the Commerce & Ventures segment, the ProSiebenSat.1 Group bundles its growth businesses and thus its entire investment activities. Through a wide range of investment forms, the Group is able to support companies in various growth phases: from seed financing to media-for-revenue and media-for-equity deals to strategic majority investments. The beginning of the value chain represents SevenAccelerator, which is part of the investment arm SevenVentures. These businesses support companies through media-for-revenue or media-for-equity deals with ProSiebenSat.1's TV and digital reach, thus increasing the respective brand awareness. In addition to these minority interests, the segment also includes strategic minority and majority interests of the investment vehicle SevenGrowth as well as the portfolio of NuCom Group.
Corporate Communications |Patrick SchmidCommunication Commerce & VenturesPhone: +49 89 9507-2446Patrick.Schmid@prosiebensat1.com
Corporate Communications | Corporate & Finance Communication | Content ProductionSusanne BrieuHead of Corporate Communications Strategy & Finance, Communication Red Arrow StudiosPhone: +49 89 9507-1137Susanne.Brieu@prosiebensat1.com