Funding round
Grover Series C
Grover, which works in technology device rental services in Wilmington, raised $330M in a Series C round announced on 7 Apr 2022, led by Energy Impact Partners, at a $1.00B post-money valuation. 13 firms took part. It is Grover's fourth venture round on record; the one before was a Series B in Jul 2021.
$330M
Amount raised
$1.00B
Post-money valuation
$670M pre-money
13
Investors
1 lead
33%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Grover at $1.00B after the new money. The $330M bought investors about 33% of the company. It came 9 months after Grover's Series B. It is 62% of the $529M Grover has raised in the venture rounds on record. Grover raised again 27 months later: a Bridge round of $55M in Jul 2024.
Grover's funding rounds
Grover has 5 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Energy Impact Partners led the round with 12 other firms.
Lead investor
- Energy Impact Partners backs 99 venture-backed companies new investor
Also in the round
- Co-Investor Partners new investor
- backs 25 venture-backed companies new investor
- Mirae Asset-LG Electronics New Growth Fund new investor
- backs 34 venture-backed companies new investor
- Assurant new investor
- backs 34 venture-backed companies new investor
- backs 15 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- backs 10 venture-backed companies new investor
- backs 7 venture-backed companies new investor
- LG
- Mirae Asset Group
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 1 in Electronics Stores, then Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Electronics Stores | 15 Feb 2022 | $122M | not disclosed | Verdane |
| The Boring Company Construction Services | 20 Apr 2022 | $675M | $5.67B | Vy Capital and Sequoia Capital |
| UPSIDE Foods Meat Production & Processing | 21 Apr 2022 | $400M | $1.00B | Temasek and Abu Dhabi Growth Fund |
| Crusoe Hosting & Cloud Infrastructure Providers | 21 Apr 2022 | $350M | $1.75B | G2 Venture Partners |
| Remote Tech Companies | 5 Apr 2022 | $300M | $3.00B | SoftBank Vision Fund |
| Tessera Therapeutics Biotechnology | 19 Apr 2022 | $300M | not disclosed | SoftBank Vision Fund |
| Stream Financial Services | 13 Apr 2022 | $175M | not disclosed | Smash Capital and BlackRock |
| Tech Companies | 20 Apr 2022 | $170M | not disclosed | Prosus and Sanabil |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Grover raise in its Series C round?
Grover raised $330M in its Series C round, announced in Apr 2022.
Who led Grover's Series C round?
Energy Impact Partners led it, with Co-Investor Partners, Korelya Capital, Mirae Asset-LG Electronics New Growth Fund, Viola Group and Assurant and 7 more.
What was Grover's valuation at the Series C round?
$1.00B post-money ($670M pre-money).
Did Grover raise again after this round?
Yes: a Bridge round in Jul 2024 of $55M.