Edinburgh-based Circularity Capital LLP, the private equity firm that invests in growth stage European firms, said it invested €4m in Grover, a Berlin-based business that focuses on pay-as-you-go subscriptions as an alternative to technology product ownership.

Circularity Capital said it led the €12 million equity round supported by fintech investor Coparion and Samsung Next.

“Grover’s subscribers gain access to consumer electronics on a monthly basis, returning items when they no longer required,” said Circularity.

“Examples include smartphones, laptops, cameras, wearables and smart home appliances.

“Through their platform, Grover is able to increase asset utilization and enable products to be cascaded through multiple user cycles.”

David Mowat, a co-founding partner of Circularity Capital, has joined the Grover advisory board.

Mowat said: “Grover has developed a highly scalable, commercially proven platform for the provision of access over ownership, the firm has a strong management team and has proven its ability to deliver value for its rapidly growing subscriber base and retailer partners.

“The investment in Grover is highly aligned with Circularity’s focus on using the circular economy to identify opportunities to drive financial value creation in parallel with positive environmental and societal impact.”