Grove Collaborative announces $15M PIPE investment from Volition Capital

Grove Collaborative Holdings announced a $15M investment from Volition Capital, a growth equity firm. Volition previously invested $10M in Grove by purchasing Series A Convertible Preferred Stock in August of 2023, bringing their total investment in the Company to $25M. The investment was led by Larry Cheng, managing partner and co-founder of Volition and a member of Grove’s Board of Directors. Cheng most notably led Volition’s early investment in online pet supply retailer, Chewy, and also serves on several other boards, including the Board of Directors at GameStop. Notably, with a portion of this investment and its cash on hand, Grove plans to pay off the remaining $30M of its outstanding term debt facility. The company has agreed to use at least $10M of the proceeds for this purpose by November 30, 2024. The company previously paid off $42M of its term debt facility in July of this year. Grove’s remaining cash and cash equivalents as of June 30, pro forma for the $42M July repayment, would be approximately $40.6M. After full repayment of the term loan, Grove’s only remaining debt would be $7.5M under its asset based loan facility.