Green fintech start-up Cloover raises USD 114m

Berlin-based start-up Cloover on Tuesday said it has raised USD 114 million (EUR 104.8m) in an oversubscribed seed round led by Lowercarbon Capital, with participation from existing investors 9900 Capital and QED.

The company offers a platform which integrates software, financing and energy management to simplify operations for the renewables value chain, including installers, manufacturers, energy providers and consumers. It will use the funding to drive growth, intensifying work on its installer software development and strengthening its sales, payments and financing offering.

“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,” said co-founder and -CEO Jodok Betschart.

Cloover aims to connect 1 billion people to renewable energy by bridging gaps between stakeholders and utilising technology and capital to boost access and efficiency.

“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,” said co-founder and -CEO Peder Broms.

Valentin Goenczy, co-founder and CPO commented that more than 85% of all installations are done by installers that are small to medium-sized businesses. "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," added Gooenczy.

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.”

(USD 1 = EUR 0.919)

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