BERLIN, April 13 (Reuters) - Consumer electronics subscription startup Grover on Tuesday said it had raised 60 million euros ($71 million) from investors to help fund international expansion.
The Series B funding, three-quarters of which was in the form of equity investment and one-quarter in venture debt, came after Grover hit 60 million euros in annual recurring revenue and turned profitable at the EBITDA level last year.
The Berlin startup, which offers deals for new and ‘good as new’ phones, tablets and laptops, said it aims to triple its subscriptions to 450,000 this year as part of a broader shift to encourage consumers to use devices for longer instead of throwing them away when they get a new one.
The equity tranche was backed by new investors including JMS Capital-Everglen, Viola Fintech and Assurant Growth, while existing investors Coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next joined the round.
The debt portion of the round was issued by Kreos Capital, Grover said in a statement. ($1 = 0.8401 euros) (Reporting by Douglas Busvine; Editing by Steve Orlofsky)