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:
The role of consumer technology during the pandemic:
Committed customers and growing acceptance:
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.
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