Oct 18, 2023

Berlin-based Cloover, a climate fintech that enables renewable energy tech vendors to offer their services as a subscription, has secured €7 million in pre-seed funding. Split into equity and debt financing, this amount came from 9900 Capital, QED Investors known for backing Remedial Health and Carmoola , Centrotec alongside prominent climate and fintech angel investors and a specialised fintech lender. Cloover will use the investment to enhance its software platform, expand its service offerings, to launch in Germany, and expand across Europe as it aims to deliver renewable energy to one billion people. Netflix of renewable energy Cloover was founded by Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönzcy who have built a couple of successful fintech and software startups. They intend to make renewable energy more accessible and affordable. Its platform helps individuals and businesses transition to renewable energy and heating in a capital efficient and risk-free way. This way, Cloover makes sustainable finance simpler, faster, and more affordable while bringing renewable energy to every household and business. Its approach enables the company to build a decentralised network of solar, battery storage, EV charging and heating pump assets. These assets will be further used by the company to coordinate support for local communities and the national grid infrastructure across Europe. Peder Broms, Co-CEO of Cloover said “Renewable energy technology is at the core of achieving Net Zero. But the technology is capital intensive and complex, which has made access to financing a key challenge for manufacturers, vendors, and end customers. This is slowing down the adoption of renewable energy. We address this by enabling all parties in the value chain to sell products ‘as-a-service’ and manage their working capital better. By removing capital constraints and enabling risk-sharing across the value chain we can deliver on our mission of making sustainable finance simpler, faster, and more affordable.” Jodok Betschart, Co-CEO & Founder, stated, “We are thrilled to have the support and backing of experienced climate and fintech investors, who share our passion for using innovative financial technology services to speed up the energy transition and make a meaningful impact on climate change. Their investment is a vote of confidence in our business model and our vision of connecting one billion people to renewable energy. The funding will enable us to further develop our tech platform and reach a larger share of the industry with our products. This will drive us closer to our goal of creating a greener and more equitable world of tomorrow.” Speaking about the company’s future ambitions, Jodok Betschart, Co-CEO of Cloover said, “We plan to establish a connected network of independent power providers, driving the decentralisation of energy production and fostering sustainable, resilient communities — which is of great importance in the current political and economic climate. By harnessing renewable energy sources at a local level, the plan is to help reduce the overall carbon footprint while creating a more reliable and cost-effective energy ecosystem.”