German Grover restructures after debt-fuelled growth push

Another great analysis Finsur’s Stuart Blackhurst. This time on German DaaS specialist Grover. The consumer case for tech rental is easy to understand: no high upfront costs, fixed monthly payments, the ability to upgrade frequently, and included refurbishment or recycling. These are appealing alternatives to traditional ownership, especially in an era of financial unpredictability and rising sustainability concerns. While the business market embraced device-as-a-service (DaaS) long ago—with CHG-Meridian, DLL and Econocom leading the way—the direct-to-consumer (DTC) sector has lagged. Capital demands, operational complexity and consumer inertia remain major barriers despite the model’s promise.

Grover expanded fast, but unsustainably

Founded in 2015, Berlin-based Grover offered flexible rentals on over 4,000 products across Europe, mainly Germany, and previously in the U.S. Their model, rooted in access over ownership, attracted € 2.1 billion in combined funding. However, by 2022, Grover was burning roughly €5.8 million a month, against monthly revenues of only € 4 million. The € 70 million net loss that year, against €48.4 million in revenue that year, and rising debt servicing costs created mounting pressure.

Debt burden triggered restructuring

Grover's restructuring process began in January 2025. By April, the court had approved a plan involving a full shareholder wipeout and a new € 30–35 million capital injection led by Fasanara and M&G. These creditors will now become majority shareholders, while operational improvements are expected to follow.

Sustainability message remains strong

Despite financial struggles, Grover’s circular economy proposition remains relevant. With electronic waste growing and smartphones now lasting over four years, rental models aligned with sustainability can succeed—if they get the unit economics right.

Industry outlook still optimistic

Grover’s future depends on delivering operational efficiencies, smarter pricing and stronger strategic partnerships. Rivals like Raylo show it can be done with vertical integration and disciplined growth. For Grover, the restructuring is not the end, but a critical reset.

Go to Finsur for full detailed analysis.