Marketing Report
Berlin-based climate fintech startup Cloover secures $114m to connect 1 billion people to renewable energy

Berlin-based climate fintech startup Cloover secures $114m to connect 1 billion people to renewable energy

Cloover, a Berlin-based climate fintech startup, has secured $114 million seed round to fuel the growth of its operating system for the renewable energy industry.

The company connects all relevant stakeholders of the energy transition - installers, prosumers, manufacturers, energy providers, and investors - through its software, finance, and energy solutions. The round is led by Lowercarbon Capital, founded by renowned venture capitalist Chris Sacca, and with participation from existing investors 9900 Capital and QED. This oversubscribed round underscores the team’s momentum and investor confidence in the business model, even amidst economic challenges.

Jodok Betschart, Co-founder and CEO, Cloover: ''Cloover’s vision is to dismantle the silos among key stakeholders essential for a successful energy transition. By streamlining the sales process for installers, managing payment flows and financing, procuring necessary materials, and overseeing energy production and consumption for individuals, Cloover connects the dots and leverages synergies across the entire value chain.''

With the fresh capital, Cloover will be doubling down on its installer software development and further strengthening its sales, payments, and financing offering.

Peder Broms, Co-founder and CEO, Cloover: ''We are bringing renewables to the remaining mass market in Europe. That is 160 million households that are still left out. By combining our proprietary data on consumer energy savings with multiple capital sources, we are able to extend financing to households who previously could not access these assets. Moreover, through our platform Cloovers partners can unlock working capital for their operations which allows even faster deployment of renewables in Europe. To achieve the EU target of 42.5% of energy produced by renewables in 2030, investments of €800 billion per year are needed, but only half of that is accounted for today. The residential renewables sector has grown 20% annually in the last decade, driven by higher energy prices, greater electrification, and consumer awareness. Installers have stepped up to meet demand, but to reach the remaining 80% of households installers will need new tools, something Cloover aims to provide.''

With several hundred partners across Europe representing a revenue pipeline surpassing $3 billion, Cloover has already proven significant traction in the renewable energy sector. This achievement is underscored by the experiences of its partners, such as 4Panels, a Berlin-based solar installation company.

Pedram Ghassim, Owner, 4Panels: ''Since our company uses Cloovers software & financing options, we have seen a 26% uplift in closed deals while we were able to bring down offers sent to deals closed from five weeks to less than two weeks. For us, Cloover is a key pillar in the success of our daily operations and long-term growth.''

Looking ahead, Cloover is set to redefine the industry landscape, aiming to connect 1 billion people to renewable energy. Their strategy focuses on bridging gaps between stakeholders and utilising technology and capital to boost access and efficiency. Committed to sustainability and excellence, Cloover is dedicated to surpassing the EU's ambitious renewable energy targets, paving the way for a cleaner future for all.