Cloover funding news – Berlin-based Cloover Raises $114 Million in Seed Funding

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 & -CEO of Cloover said, “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,”.

The founding team at Cloover comprises industry veterans, including Jodok Betschart (Co-CEO), an accomplished tech entrepreneur, Peder Broms (Co-CEO & CFO), boasting over a decade of experience in structured finance and Valentin Gönczy (CPO), a seasoned SaaS expert responsible for spearheading software development at Cloover.

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

Valentin Gönczy, Co-Founder & CPO of Cloover, highlighting the strategic focus on levelling the playing field said, "The prevailing industry attitude has been closely guarding innovations, allowing larger companies to refine their operations and growth. However, to achieve Net Zero there is no time to delay progress, as still more than 85% of all installations are done by SMB installers. 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,".

Peder Broms, Co-Founder & -CEO adds: “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.

Shawn Xu, Partner at Lowercarbon Capital said, “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.”

About Cloover

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, it is dedicated to surpassing the EU's ambitious renewable energy targets, paving the way for a cleaner future for all.