Climate and fintech startup Cloover has announced a funding round of $114mn (€105mn) to further boost Europe’s switch to renewable energy.
The Berlin-based startup was founded in 2022 by Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönczy. Their vision is to facilitate the energy transition, with a particular focus on residential solar power.
Clover has built a platform that connects installers, prosumers, manufacturers, energy providers, and investors.
It enables vendors to offer their services as a subscription, enabling consumers to rent renewable technologies — particularly solar panels but also other applications such as batteries — instead of committing to upfront purchase costs or seeking external financing.
The company leverages its proprietary data on consumer energy savings and combines it with multiple funding options in the platform. This allows the startup to extend financing options to households that previously lacked access.
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Cloover’s platform also enables vendors to secure working capital for their operations.
The startup specifically targets small- and medium-sized installers, who it says represent over 85% of the all solar installations in Europe.
“Our software empowers this target group with the same sophisticated digital tools that the big players have long had, enabling them to compete on an equal footing and accelerate sustainable energy adoption,” said Valentin Gönczy, co-founder and CPO of Cloover.
Cloover counts multiple partners across Europe, including Zonduurzaam in the Netherlands and Solarkraft in Sweden.
With the fresh capital, the startup plans to boost its installer software development as well as its sales, payments, and financing offerings.
Lowercarbon Capital led the funding round with participation from 9900 Capital and QED. The latest funding follows a €7mn investment last October.
Europe’s solar market grew by 40% in 2023. Cloover seeks to tap the demand, aiming to connect 1 billion people to renewable energy.
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