Cloover, a climate fintech startup with roots in both Sweden and Switzerland, has revealed its successful €7 million pre-seed funding round. The company empowers providers of renewable energy technologies to deliver their offerings through a subscription-based model.
9900 Capital, comprising previous investors from the Gates Foundation and Hedosophia, took the lead in this funding round. They were joined by notable contributors such as QED, Broadhaven Ventures, Index Ventures’ Scout Fund, Centrotec, as well as well-known figures in the climate and fintech sectors.
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Empowering Individuals with Renewable Energy Solutions
Cloover’s inception was orchestrated by a quartet of seasoned entrepreneurs: Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönczy. Collectively, they boast over four decades of experience within the realms of finance and technology.
These founders carry a notable track record, having successfully established two software and fintech startups in the past. Their collective vision for Cloover centers on enhancing the accessibility and affordability of renewable energy, underscoring their commitment to sustainable solutions.
Peder Broms articulates, “Renewable energy technology stands as the linchpin in achieving Net Zero objectives. However, the intricacies and capital demands associated with this technology have posed significant challenges for manufacturers, vendors, and end consumers.”
He further elaborates, “This quandary has cast a shadow on the widespread adoption of renewable energy. Our approach involves empowering all stakeholders in the value chain to offer products ‘as-a-service’ while enhancing their working capital management.”
“In eliminating the shackles of capital constraints and fostering risk-sharing across the value chain, we endeavor to realize our mission of simplifying, expediting, and rendering sustainable finance more accessible,” Broms concludes.
Renewable Energy: Unlocking Sustainability through Subscription Services
Cloover’s platform revolutionizes the renewable technology landscape by facilitating service delivery through subscriptions. This innovative approach streamlines the transition to renewable energy for both individuals and businesses, offering a cost-effective and low-risk path.
Notably, the company’s platform not only democratizes access to sustainable finance but also nurtures a decentralized network of assets, including solar panels, battery storage, EV charging stations, and heating pumps. These assets play a pivotal role in supporting local communities and fortifying the broader European grid infrastructure, vividly exemplifying Cloover’s transformative impact on sustainable energy systems.
Co-CEO Jodok Betschart underscores their vision, stating, “Our mission involves establishing an interconnected web of independent power providers, propelling the decentralization of energy production and fostering resilient, sustainable communities—a critical endeavor in today’s complex political and economic landscape.”
He further emphasizes, “By harnessing renewable energy sources at the local level, our goal is to significantly curtail the overall carbon footprint while cultivating a more dependable and cost-efficient energy ecosystem.”
Funding Usage
Cloover has outlined its strategic allocation of the funds, earmarked for bolstering its software platform, expanding service offerings, initiating operations in Germany, and extending its footprint across Europe, with the overarching aim of providing renewable energy to one billion individuals.
Jodok Betschart expresses his enthusiasm, stating, “We are elated to garner the support of seasoned climate and fintech investors who share our fervor for leveraging innovative financial technology services to expedite the energy transition and effect meaningful change in the fight against climate change.”
He continues, “Their investment stands as a resounding endorsement of our business model and our vision to connect one billion people to renewable energy.”
“This influx of funding will empower us to further refine our tech platform and reach a broader segment of the industry with our product offerings. This, in turn, propels us closer to our ultimate goal of crafting a more environmentally sustainable and equitable world for the future,” Betschart concludes.
