CMS advises Circularity Capital on investment in Berlin-based Grover

Munich – Berlin-based Grover has completed a Series A round of financing totalling EUR 37 million. The financing round comprises a total of EUR 12 million from equity providers and a further EUR 25 million of debt. Scottish private equity investor Circularity Capital led the financing round as lead investor, with among others fintech investor Coparion and Samsung Next also investing in Grover.

An international CMS team headed by lead partners Stuart MacLean in Scotland and Stefan-Ulrich Müller in Germany advised Circularity Capital on all legal aspects of the financing round.

Circularity Capital is headquartered in Edinburgh, Scotland. The private equity investor focuses on high-growth SMEs and is positioned as a specialist in the circular economy. Its focus is on investments in fast growing European companies which generate financial value and make a positive environmental and societal impact by applying the circular economy. Circularity Capital’s investors include financial institutions, corporations, family offices and leading global impact investors.

Berlin-based Grover is a German circular economy company. Its mission is to provide consumers with easy access to the latest technologies and enable resource-efficient usage of electronic products. The company offers a subscription model for electronic devices such as smartphones, laptops, action cameras and loudspeakers, as an alternative to buying and owning them. Grover’s partners include leading European electronics dealers. The company intends to use the capital to extend its market leadership in Germany and to fund its further international expansion.

CMS Germany

Stefan-Ulrich Müller, Partner
Dr Jörg Zätzsch, Partner
Johannes Steinacher, Associate, all Corporate/Venture Capital
Dr Michael Dorner, Counsel, TMC
Dr Frank Püttgen, Counsel, Insurance
Dr André Frischemeier, Counsel, Banking & Finance
Stefan Lehr, Partner, Competition
Martina Hidalgo, Partner
Dr Benedikt Forschner, Senior Associate, both Employment

CMS Scotland

Stuart MacLean, Partner
David Davidson, Partner
Rushal Noor, Associate (all Corporate Finance)

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