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Tapping into the ongoing shift from ownership to usership, Grover rents out tech devices — everything from iPhones and Fitbits to Nikons and Roombas. Consumers can rent for as short as one month, with monthly prices decreasing for longer rental periods, and can switch to a longer period at any time.
After the minimum term has expired, they can continue to rent, return the device, or purchase it. In case of damage, Grover handles repairs and covers 90% of the costs. Once a device has been returned, it's thoroughly cleaned, examined and can then recirculate to other subscribers.
The company, which launched in 2015 and raised USD 60 million this past April, intends to use its latest, massive funding round for product development and international expansion. It's currently available in Germany, Austria, the Netherlands and Spain. By its own estimates, Grover's subscription service will prevent 24,000 metric tons of e-waste by 2024.
E-waste is the world’s fastest growing domestic waste stream, fuelled by more people buying more electronics with short lifespans and few options for repair. As reported by the UN’s Global E-waste Monitor 2020, global e-waste is estimated to reach 74 metric tons by 2030, almost a doubling of e-waste in just 16 years.
Consumers are faced with two conflicting desires: gadget lust and the need to minimize harm to their planet. Throw in the pain points of ownership — high up-front cost, potential damage and what to do with a product once it's no longer used — and it's no wonder Grover and other rental brands are positioned for growth.