LONDON, UK: Grover it has completed its Series C funding round. Berlin-based Grover, the leading consumer-tech subscription platform, has raised $330 million in equity and debt funding from new and existing investors.
The new round implies a value of the Company’s stake of £42.7 million, and would represent an implied uplift of £24.1 million compared to the unaudited carrying value of £18.6 million as at 30 September 2021. Augmentum first invested in Grover in October 2019, leading an €11 million round with an investment of €6 million, and has invested a further €3 million since the initial investment.
In combination with the pending acquisition of ii by abrdn, which is expected to complete in Q2 2022, the implied valuations would represent an increase of 16.6p over the last published NAV per ordinary share (unaudited) as at 30 September 2021 of 147.7p, and an increase of 14.3p over the NAV per ordinary share after performance fee (unaudited) as at 30 September 2021 of 142.1p.
Augmentum Fintech plc (LSE: AUGM), the UK’s only publicly listed investment company focussing on the fintech sector, CEO Tim Levene, said: “We are delighted that Grover has completed this significant funding round that will enable it to accelerate its consistently impressive growth in new and existing markets.
Technology subscription is a major shift in the way that consumers are using and accessing technology, driven both by economics and the circular economy. Grover is the pioneer and leader in this space, extending access for consumers to date across Europe, and now in the US. We look forward to continuing our support of Michael Cassau and his growing team in this next exciting phase of their journey.”
Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.