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Grover

Consumer-electronics subscriptionGermany
New to Unitard
✂️ Markdown🔄 Reorganized
Peak $1 BillionToday
~-94%
from peak
  1. 🦄
    Became a unicorn
    Apr 2022
  2. 📈
    Peak valuation
    $1 Billion ’22
  3. 💔
    Became a Unitard
    Apr 2025
  4. 💸
    Last valuation
    ~$60M
Capital raised
$1.4B
Total raised
$391K/day
Raised per day

Total raised averaged per day over approximately 9.8 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Tech.eu / company (~$1.4B in equity and debt facilities)
Current status
Restructured under Germany’s StaRUG; plan confirmed by the Charlottenburg district court (Apr 25, 2025), old shareholders crammed down

The rise & fall

5 moments · 2015–2025

The key moments.

2015
Founded in Berlin
Michael Cassau starts Grover to rent consumer electronics on monthly subscriptions, financed with debt.
Tech.eu
Apr 2022
Valued past $1B on a $330M Series C$1B
$110M of equity led by Energy Impact Partners plus $220M of debt lift Grover past $1B.
Bloomberg
2023
Rate shock breaks the debt model
Rising interest rates make debt-financed inventory uneconomic; liquidity tightens and layoffs follow.
Tech.eu
Apr 25 ’25
StaRUG plan crams down old equity$60M
Berlin's Charlottenburg court confirms a plan: €30M of fresh equity for 50%, creditors take the rest, old shares crammed down (~€60M implied).
Hengeler Mueller

How it happened

Grover is a Berlin company that Michael Cassau founded in 2015 to rent out consumer electronics — phones, laptops, consoles — on monthly subscriptions, financing the gadgets with debt. A $330M Series C in April 2022, $110M of equity led by Energy Impact Partners plus a $220M debt facility, pushed its valuation past $1B, though the company stated only 'more than $1 billion,' without a precise post-money.

When interest rates jumped, the debt-funded inventory model stopped working. Grover filed for preventive restructuring under Germany's StaRUG law, and in April 2025 the Charlottenburg district court confirmed a plan: €30M of fresh equity took half the company, creditors took the other half, and existing shareholders were crammed down to a synthetic interest in future upside, leaving an implied equity value around €60M.

Glassdoor ratings declined over the same period as the company cut back ahead of the restructuring.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.

Source: Bloomberg (Apr 7, 2022): 'Consumer Tech Subscription Startup Grover Valued at $1 Billion' on a $330M Series C ($110M equity led by Energy Impact Partners; $220M debt facility via Fasanara); the >$1B is a company-stated equity figure, with no exact post-money disclosed. Hengeler Mueller (deal counsel): Amtsgericht Charlottenburg confirmed the StaRUG plan on Apr 25, 2025 (creditor vote Apr 16) — €30M of fresh equity for 50%, financial creditors took the other 50% via debt-for-equity, and existing shareholders were crammed down, implying ~€60M (~$65M) equity value. Founded 2015 by Michael Cassau.

Founder

  • Michael Cassau
    founder & CEO
    Now Founder & CEO at NexDashLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-10-13. See our methodology.

Disclosed investors (22)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

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