Cloover raises €7 million in oversubscribed pre-seed investment round

Cloover has raised €7 million in a pre-seed investment round to make renewable energy more accessible to one billion people. The climate fintech company enables financing options for technology providers and plans to expand across Europe.

Cloover, a climate fintech company, has successfully closed a €7 million pre-seed investment round. This funding round was led by 9900 Capital, a firm with investment experience in the Gates Foundation and Hedosophia. Other investors including QED, Broadhaven Ventures, Index Ventures' Scout Fund, Centrotec and experienced climate and fintech investors also participated.

We are very pleased to have the support and backing of experienced climate and fintech investors who share our passion for using innovative financial technology services to accelerate the energy transition and make a significant contribution to climate change.

Jodok Betschart, Co-Founder & CEO Cloover

The freshly raised funds will be used to improve Cloover's software platform, expand its service offering and launch the company in Germany and the Netherlands. The long-term plan is to expand across Europe, with the ambitious goal of providing renewable energy to one billion people.

Cloover was launched by a founding team of four entrepreneurs with an impressive experience of over 40 years in the financial and technology sectors. Previously, they successfully built software and fintech startups and are now dedicated to making renewable energy more affordable and accessible to a broad population.

Peder Broms, co-founder and CEO of Cloover, emphasizes the challenges that renewable energy presents: Renewable energy technologies are central to achieving net-zero emissions, he says. But they require significant capital investment and are often complex. This makes it difficult for manufacturers, suppliers, and end users to access financing.

By removing capital constraints and enabling risk sharing across the value chain, we can achieve our goal of making sustainable finance easier, faster and more affordable.

Peder Broms, Co-Founder & CEO of Cloover

Cloover's platform enables renewable energy technology providers to offer tailored financing options to their customers while efficiently managing their own working capital. This makes it easier for individuals and businesses to transition to renewable energy in a cost-saving and low-risk manner.

Cloover also has ambitious plans to build a network of distributed assets for solar energy, battery storage, electric vehicle charging stations and heat pumps. This approach aims to reduce the carbon footprint and establish a reliable as well as cost-effective energy ecosystem, which is important given the current climate change challenges.