Fighting e-waste with flexible tech rentals, Grover raises USD 1 billion

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.