Climate and fintech startup Cloover has announced a $114 million (€105 million) funding round to further accelerate Europe’s transition 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 drive the energy transition, with a particular focus on solar power for private households.
Clover has built a platform that connects installers, prosumers, manufacturers, energy suppliers and investors.
Providers can offer their services as a subscription, and consumers can rent renewable technologies – especially solar modules, but also other applications such as batteries — instead of committing to the acquisition costs in advance or seeking external financing.
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The company leverages its proprietary data on consumer energy savings and combines it with multiple financing options on the platform, allowing the startup to extend financing options to households that previously had no access to it.
In addition, Cloover’s platform enables vendors to secure working capital for their operations.
The startup specifically targets small and medium-sized installers, who it says account for over 85% of all solar installations in Europe.
“Our software gives this target group the same sophisticated digital tools that the major players have long had, enabling them to compete on equal terms and accelerate the adoption of sustainable energy,” said Valentin Gönczy, co-founder and CPO of Cloover.
Cloover has several partners across Europe, including Zonduurzaam in the Netherlands and Solarkraft in Sweden.
With the fresh capital, the startup wants to advance the development of its installer software as well as its sales, payment and financing offerings.
Lowercarbon Capital led the financing round with participation from 9900 Capital and QED. The latest financing follows a €7 million investment last October.
The European solar market grew by 40% in 2023. Cloover wants to meet this demand and connect one billion people to renewable energy.
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