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Tech firm financed

Edinburgh leads funding and advice on €37m Berlin deal

Stuart MacleanAn Edinburgh private equity company and lawyers from the city office of CMS have led the funding and advice on a €37 million funding round for a European technology business.

The investment in Berlin-based Grover, consisting of €12m from equity investors and €25m in debt capital, was handled by Circularity Capital, with support from fintech investor Coparion and Samsung Next.

Grover works in cooperation with Europe’s largest electronics retailers, redefining the way consumers relate to products. The new capital will help the company expand its market leadership in Germany and fuel its international expansion.

David Mowat, one of the co-founding partners of Circularity Capital, has joined the Grover advisory board. He said: “We have invested in a business with a highly scalable, commercially proven platform for the provision of access over ownership.”

Stuart MacLean (pictured), an Edinburgh-based corporate finance partner at CMS, said: “We are delighted to support Circularity Capital, advising them on all legal aspects of this funding round. Our firm’s structure enabled both UK and German-based colleagues to provide focused advice on this deal between our Edinburgh-based client and Berlin-based Grover.”

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