Michael Cassau, Founder and CEO of Grover, joins Cheddar News' Closing Bell, where he explains how Grover is establishing itself in the tech marketplace with its subscription-based offering and how he plans to deploy the $330 million in new funding. 

Closing Bell

Grover's Consumer Tech Subscription Platform Raises $330 Million in New Funding

Grover aiming to bring sustainability to the consumer electronics space by providing a subscription platform for electronics like smartphones and laptops. The Berlin based startup also raising a whopping $330 million in a series c round helping propel Grover to unicorn status this week. Joining me now is Michael Gasol Founder and Ceo of Grover of Michael, huge, congratulations. This is a big deal, Unicorn status, massive round of funding. What is your company providing that we haven't seen in the marketplace before? Yeah, thank you Kristin for having me. This is a big deal obviously for for us, but also for the consumer, uh, in the U. S and europe and everywhere where we offer our service. I think the most important part is that if you look at consumer spend, um, there's really food housing and then there's access to your computer and iphone or whatever. Right? So technology has moved into the non discretionary I spent bucket. And our goal is to make that access really effortless to make it easy to not make you commit to three year financings or high purchase spend if the future as we saw, you know, it's quite uncertain these days. Um, so you can choose how long you want to pay for something we offer you a monthly subscription, you can choose how much you pay, how long do you commit and so forth and just introducing a bit of simplicity and easiness into this one big bucket of anyway spend that we're going to have as a consumer. So Berlin, Michael, let me ask you this, you're based in Berlin, Can anyone anywhere take advantage of this? Yeah. Absolutely. So look, we're based in uh in Berlin and in Miami. Right? So if you look at the U. S. Headquarter, um and we offer our services in europe that's Germany. Spain the Netherlands and Austria and countrywide in the U. S. Right? So we launched in the US in october, it's our fastest growing market today. And we're super committed to the U. S. Consumer to really offer um alternatives here to bridge the tech desert to make sure that technology is accessible to everyone, especially when you know, the future is moving quite a bit these days. What's the suite of products that you offer? What's the most expensive and the least expensive? Yeah. So look, we offer products from you know $10 a month to, I think up to 200 or so. Uh you choose. So it's 11 different categories from computers, smartphones, phones, even immobility gaming consoles. So you really choose what you want to have. Uh and um yeah, I think the The airport's probably are one of the cheapest ones, like the older ones is $10 a month. Um and you know, the the more more expensive ones on the high end on the computer side. So for you know, okay, well clearly a lot of people are bullish. I mean you just raised a massive round of funding, Not your first round, you are unicorn with this latest round, How do you clean these products in between use. I'm thinking like it's kind of like a rent the runway but for technology hardware. How do you make sure that people's data isn't on there? That the product is clean literally and physically before goes to the next user. Yeah. So you know, the good news is you don't need a washing machine. So you really can, you know, have a standardized process where data operations, military grade style a part of it. Right. So we cleaned the data of every device that does, you know have data. That's one thing. But then you, you know, you clean it, you replace spare parts and so forth and we cooperate on the refurbishment part with partners, three parties, three pls internal team and so forth. And were able to circulate a single product up to 27 times. If you look at the, you know, our GoPro hero, the super product that you know has been recirculated the most on average is four times So and if you look about circulating a single product four times to four different people for 12 months straight. Um, you're really looking at reducing landfill and tech waste by four X globally. That's so that's a problem. Um, in the world and our offer, you know contributes to consumer welfare but also reduces um, you know, technology waste and increases the susceptibility footprint. I would like to hear about that sustainable startups on this show. Michael caso founder and Ceo of Grover. We appreciate the time and congratulations.