Berlin-based Cloover, a climate fintech startup that enables renewable energy technology vendors to offer subscription-based services, has raised $114 million (approximately €104.82 million) in a seed funding round. This investment was led by Chris Sacca’s Lowercarbon Capital, with participation from 9900 Capital and QED Investors.
Founded by Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönczy, Cloover aims to make renewable energy more accessible and affordable. The platform helps streamline the sales process for installers, manage payment flows, procure necessary materials, and oversee energy production and consumption. This comprehensive approach connects the entire value chain, making it easier for individuals and businesses to adopt renewable energy.
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Strategic Investor Support
Shawn Xu, Partner at Lowercarbon Capital, highlighted the significance of this investment: “Rooftop solar is a money-saving, no-brainer upgrade for homeowners, and Cloover’s tech stack and financing firepower gives installers the fastest possible path to electrifying the 200 million homes across the European continent.”
Cloover’s innovative platform simplifies the adoption of renewable technologies by offering them as subscription services. This approach is designed to reduce costs and risks for consumers, creating a decentralized network of solar panels, battery storage, EV charging stations, and heating pumps.
Expanding Market Reach
With the fresh capital, Cloover plans to enhance its software for installers and improve its sales, payment, and financing services. The company aims to reach the remaining mass market in Europe, targeting 160 million households that have yet to transition to renewable energy. By leveraging proprietary data on consumer energy savings and diverse capital sources, Cloover can extend financing to previously underserved households.
Industry Impact and Future Goals
Cloover has already partnered with hundreds of companies across Europe, generating a revenue pipeline exceeding $3 billion. The company aims to connect 1 billion people to renewable energy, driving significant advancements in the renewable energy sector.
Co-founder Valentin Gönczy emphasized the importance of industry-wide collaboration: “Our software empowers SMB installers with the same sophisticated digital tools that big players have long had, enabling them to compete on an equal footing and accelerate sustainable energy adoption.”
With this substantial funding, Cloover is poised to transform the renewable energy landscape by making green technologies more accessible and driving the energy transition across Europe.
