Fintech
German climate fintech Cloover raises €104.8 million in Seed round led by Chris Sacca’s Lowercarbon Capital
Based in Berlin Clovera climate fintech startup that enables renewable energy technology providers to offer their services on a subscription basis, has secured $114 million (approximately €104.82 million) in a seed funding round.
The investment was led by Lowercarbon Capital, a company founded by “renowned” venture capitalist Chris Sacca. Other investors include 9900 Capital and QED.
Shawn Xu, partner at Lowercarbon Capital, says: “Rooftop solar is an easy, money-saving upgrade for homeowners, and Cloover’s technology stack and financing power offers installers the fastest possible path to electrify 200 million homes across the European continent. “
In October 2023, Cloover secured 7 million euros in a preliminary funding round.
Making renewable energy more accessible and affordable
Cloover was founded by four experienced entrepreneurs: Peder Broms, Jodok Betschart, Tony Kirmo and Valentin Gönczy. Together, they have over 40 years of experience in finance and technology.
The founders have a proven track record of building two successful software and fintech startups. Their mission with Cloover is to make renewable energy more accessible and affordable, reflecting their dedication to sustainable solutions.
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Co-CEO Betschart says: “Cloover’s vision is to dismantle the silos between key stakeholders that are essential to a successful energy transition.”
“By simplifying the sales process for installers, managing payment flows and financing, sourcing the necessary materials, and overseeing energy production and consumption for homeowners, Cloover connects the dots and leverages synergies across the entire value chain ”.
The company’s platform allows renewable technology providers to provide services via subscriptions. This makes it easier for individuals and businesses to switch to renewable energy, as it is cost-effective and low-risk.
The platform not only makes sustainable finance more accessible, but also helps create a decentralized network of solar panels, battery storage, electric vehicle charging stations and heat pumps.
These resources support local communities and improve national grid infrastructure across Europe, highlighting Cloover’s positive impact on sustainable energy systems.
Co-founder Gönczy adds: “The prevailing attitude in the industry has been to closely protect innovations, allowing larger companies to refine their operations and growth. However, to reach Net Zero there is no time to delay progress, as even today over 85% of all installations are carried out by SME installers.”
“Our software provides this target group with the same sophisticated digital tools that large players have long had, allowing them to compete on a level playing field and accelerate the adoption of sustainable energy.”
Use of capital
With the funding, Cloover will focus on improving its software for installers and further improving its sales, payments and financial services.
Co-founder Broms says: “We are bringing renewable energy to the remaining mass market in Europe. These are 160 million families who are still excluded. By combining our proprietary data on consumer energy savings with multiple sources of capital, we are able to extend financing to families who previously could not access these resources.”
“Additionally, through our platform, Cloovers partners can unlock working capital for their operations which enables an even faster deployment of renewable energy in Europe.”
Cloover says it has seen progress in the renewable energy sector, boasting hundreds of partners across Europe and a turnover exceeding $3 billion. The company aims to transform the industry landscape by connecting 1 billion people to renewable energy.