The financing, which is meant to allow the tech subscription start-up to accelerate growth for its US business, which has surpassed its subscriber targets since launching in September this year, comes only a few months after Grover secured $1 billion in debt and equity funding
The European Tech subscription start-up Grover said, it has inked a $250 million asset-backed facility with London-based Fasanara Capital, which just last week also provided a €100 million loan to Lenderwize.
The financing, which is meant to allow the tech subscription start-up to accelerate growth for its US business, which has surpassed its subscriber targets since launching in September this year, comes only a few months after Grover secured $1 billion in debt and equity funding.
A method of funding for subscription-based businesses to remain ‘asset-light’, Fasanara’s facility is provided via a special purpose entity that will acquire and own the devices Grover customers subscribe to.
It has grown its user base to more than 1 million registered users in Europe, who can sign up for monthly subscriptions to over 3,000 new and used electronics products, and that its US business is picking up, says the German tech subscription start-up.
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