Berlin-based tech subscription service Grover surpasses €50M in Annual Recurring Revenue and releases 2020 growth report

Berlin, 22.09.2020 – Berlin-based tech subscription company Grover announces today that it has surpassed €50M in Annual Recurring Revenue*, an increase of more than 120% over the previous year, with the company experiencing its strongest month of subscriber acquisition in its history in March 2020 — amidst the COVID-19 lockdowns. It is the first time the company has published revenue figures. To mark the revenue milestone, Grover has released a report providing insights into its substantial growth in 2020, its customer base, as well as emerging consumer trends in technology use and access. The report paints a unique picture of the advantages of flexible access to consumer tech in our ever-changing reality.

“This year has drastically changed how people interact, work, learn, and how they spend their money. Access-over-ownership has never been more relevant than today,” says Michael Cassau, CEO & Founder of Grover. “Technology has gained even greater significance in people’s lives, keeping them connected, productive and entertained. The high demand for our subscriptions in the past months reaffirms that Grover’s product-as-a-service model for consumer tech delivers sustained value to consumers, especially in a time when unpredictability favors flexible access over long-term commitment. We are uniquely positioned to deliver on consumers’ changing demands, not only giving them access to the tech products they need at a manageable price point, but also the flexibility to stop paying for those products when they no longer need them. This is one of the key reasons why we’ve seen this recent growth. And we expect to continue on this trajectory.”



Grover’s 2020 Growth Report illustrates the stability of its subscription business model — a model shown to be resilient during challenging times in a recent study by Zuora, which found that most subscription companies are still growing despite the economic impact of the pandemic. A few highlights from the Growth Report include:



Growth momentum and revenue:


  • Grover surpasses €50M in Annual Recurring Revenue in Sept 2020.
  • Over 100,000 subscriptions currently active on Grover.com.
  • 2.5x Year-on-Year growth in devices rented.



The role of consumer technology during the pandemic:


  • March 2020 is the strongest month for subscriber acquisition in Grover’s history.
  • Interest in gaming and home office tech, as well as tech to stay connected, skyrockets between February and March, with +132% growth in acquired laptop subscriptions from business customers and +134% growth in acquired Gaming & VR subscriptions.



Committed customers and growing acceptance:


  • 1 in 2 Germans is interested in tech rentals, and many are more likely to rent tech than buy it outright or finance it long-term.
  • Grover subscribers predominantly choose 12-month plans.
  • Grover’s broad customer base reflects German average demographics.



For the full report, visit http://bit.ly/GroverGrowthReport.



*The value of gross monthly recurring revenue from active subscriptions, annualized to a one year period.


Über Grover

Grover (Grover.com) ist der europäische Marktführer im Miet-Commerce für Unterhaltungselektronik. Als Wegbereiter der Access Economy bietet Grover seinen Kunden Zugang zu neuester Technik in einem flexiblen, monatlichen Abonnement-Modell. Sowohl Privatkunden als auch Unternehmen können aus mehr als 2.000 Tech-Produkten wählen – von Smartphone und Laptop bis hin zu Gaming-, VR- und Smart Home-Gadgets. Dabei profitieren sie von besonderer Flexibilität und vollen Nutzungsrechten für einen Bruchteil des Kaufpreises. Der Service von Grover ermöglicht es seinen Nutzern, Produkte je nach ihren individuellen Bedürfnissen zu behalten, zu wechseln, zu kaufen oder zurückzugeben. Grover vermietet Produkte in Deutschland über die eigene Plattform (Grover.com) und sein breites Online- und Offline-Partnernetzwerk, zu dem Europas führende Elektronik-Einzelhandelsgruppe MediaMarktSaturn sowie Gravis, Conrad und andere gehören.  Seit 2019 ist Grover auch in Österreich (Grover.com/at) aktiv. Grover nimmt eine Vorreiterrolle in der Förderung der Kreislaufwirtschaft ein: Die Vermietung von Unterhaltungselektronik an mehrere Nutzer über den gesamten Lebenszyklus hinweg ermöglicht es, aus jedem Produkt den maximalen Wert zu ziehen und Elektroschrott zu reduzieren. Allein im Jahr 2019 hat Grover fast 100 Tausend Geräte rezirkuliert.

Das 2015 von Michael Cassau gegründete Unternehmen ist Teil der „Access over Ownership“-Bewegung, die den Erfolg von  Firmen wie Netflix, Spotify oder AirBnB beförderte. Mit einem Gesamtfinanzierungsvolumen von bisher 298 Mio. und über 100 Mitarbeitern ist Grover eines der wachstumsstärksten Startups in Deutschland.

Hier finden Sie Pressebilder zum Download: Press kit



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