Gadget-Rental Startup Grover Raises $330 Million to Expand in U.S.

Berlin-based Grover rents out smartphones and other devices, getting more use out of products before they are thrown away

Grover Deutschland GmbH has raised $330 million, valuing the company that rents out smartphones and other devices at more than $1 billion and positioning it to expand in the U.S., its fastest-growing market.

Berlin-based Grover, which pitches its business as a solution to the problem of electronic waste, said Thursday that it raised $110 million in equity and $220 million in debt in a Series C round led by Energy Impact Partners. The New York-based sustainability-focused investment firm provided the entire $110 million in equity.

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