Goodwin advised Samsung Next Fund LLC on its investment as part of the second closing of the Series A funding round of Grover Group GmbH.
In one of the largest Series A funding rounds in Europe this year Grover raised a total volume of €37 million. Apart from Samsung Next the round was supported by Circularity Capital LLP as lead investor, Coparion, and Varengold Bank as well as existing investors. The round consists of €12 million from equity investors and €25 million in debt capital.
Grover is a Berlin based start-up that offers pay-as-you-go subscriptions to the latest consumer tech based on a rental model as an alternative to owning tech products outright. Grover will use the capital to develop its market leadership in Germany and to expand their international presence in the consumer electronics market.
Samsung Next is a multifaceted innovation group within Samsung Electronics dedicated to identifying new growth opportunities that will define the next decade. Samsung Next invests in transformative early-stage software and services startups.
The Goodwin team was led by partners Anthony McCusker and Heiko Penndorf.