Baker McKenzie advised the Berlin-based tech subscription scale-up Grover on closing an asset-based financing to increase of an existing debt facility with Varengold Bank to a total of €250 million. The additional funding will fuel the next growth phase for the Circular Economy pioneer.

Baker McKenzie provided comprehensive advice on all legal aspects of the asset-based financing.

"With the successful conclusion of the financing round, we were able to support our client's implementation of its growth strategy and the further expansion of its product portfolio," comments Dr. Patrick Mittmann, lead partner on the transaction at Baker McKenzie.

Varengold Bank AG is a German bank founded in 1995 and in possession of a full banking license since 2013. In addition to its head office in Hamburg, the bank has branches in London and Sofia. Its core business areas are Marketplace Banking and Transaction Banking (Commercial Banking), and its focus is on cooperation with European fintechs, in particular credit platforms. The portfolio on offer includes funding, debt and equity capital markets products, fronting services for products subject to banking licence obligations and international payment services.

Grover ( is one of Europe’s market leaders in technology rentals, bringing the access economy to the consumer electronics market, by offering a simple, monthly subscription model for the best in technology. Private customers as well as businesses get access to a wide range of over 2,000 tech products including smartphones, laptops, virtual reality (VR) gear, and wearables, profiting from flexibility and full usage rights at a fraction of the purchase price. Grover’s service allows its users to keep, switch, buy, or return products depending on their individual needs. Rentals are available in Germany on and through Grover’s broad online and offline partner network including Europe’s leading electronics retail group, MediaMarktSaturn, as well as Gravis, Conrad, and others.

The Banking & Finance-Team of Baker McKenzie regularly advises a large number of German and international financial institutions. Amongst the most recent clients are such institutions as the ING Bank, DZ Bank, LBBW, Commerzbank, MUFG, UBS, BNPP, DEKA, SCB, RBS and Berlin Hyp.

Legal advisor to Grover:

Baker McKenzie

Lead: Banking & Finance: Dr. Patrick Mittmann (partner, Frankfurt)

Team: Banking & Finance: Kathrin Marchant (partner, Frankfurt), Dr. Robert Wippel (counsel, Vienna)

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