Berlin startup Cloover receives 114 million dollars for renewable energies

The company plans to use the capital to further expand its software solutions for the renewable energy sector and improve collaboration between installers, manufacturers and energy suppliers.

Berlin, May 28, 2024 - The Berlin-based startup Cloover has received 114 million US dollars in a seed round. This funding is intended to promote the growth of its operating system for the renewable energy sector. Cloover connects key players in the energy transition such as installers, prosumers, manufacturers, utilities and investors through comprehensive software, finance and energy solutions.

Investors and trust

The funding round was led by Lowercarbon Capital, led by venture capitalist Chris Sacca. Existing investors include 9900 Capital and QED. This oversubscribed round demonstrates investor confidence in Cloover's business model, despite the current economic challenges.

Goals and strategies

Cloover's goal is to facilitate collaboration between the key players in the energy transition. Jodok Betschart, co-founder and CEO of Cloover, explains: "We simplify the sales process for installers, manage payment flows and financing, procure necessary materials and monitor energy production and consumption for private individuals. This allows us to exploit synergies along the entire value chain."

Experienced founding team

The founding team of Cloover consists of Jodok Betschart, a tech entrepreneur, Peder Broms, an expert in structured finance, and Valentin Gönczy, a specialist in SaaS. With the new capital, Cloover plans to expand its software development for installers and extend its sales, payment and financing offering.

Our software gives small and medium-sized installers the same digital tools as large companies. This enables them to accelerate the introduction of sustainable energy.

Valentin Gönczy, Founder Cloover

Access to renewable energy

Peder Broms adds: "We want to make renewable energy accessible to more households in Europe. By combining our data on energy savings with various sources of capital, we can extend financing to households that previously did not have access to these installations."

Investment needs in Europe

Europe needs investment of €800 billion per year to reach the 42.5% renewable energy target by 2030. The residential renewable energy sector is growing by 20% per year. Cloover wants to reach the remaining households and provide installers with the necessary tools.

Shawn Xu, Partner at Lowercarbon Capital, emphasizes: "Cloover's technology and financing offer the fastest way to electrify more households in Europe."

Successes and partnerships

Cloover already has several hundred partners across Europe and a sales pipeline of more than 3 billion US dollars. One example of its success is Berlin-based solar installation company 4Panels, which has seen a 26% increase in closed deals by using Cloover's software and financing options.

Future plans

Cloover plans to further improve collaboration between renewable energy players and facilitate access to renewable energy through technology and capital. The company wants to contribute to achieving the EU's renewable energy targets.