Berlin-based renewable energy startup Cloover has secured $114 million in a seed round to revolutionise its operating system for the renewable energy sector. This innovative platform connects key stakeholders—installers, prosumers, manufacturers, energy providers, and investors—through integrated software, finance, and energy solutions. The funding round, led by Lowercarbon Capital and its renowned venture capitalist Chris Sacca, also saw participation from 9900 Capital and QED. The oversubscribed round underscores substantial investor confidence in Cloover despite prevailing economic uncertainties.
Cloover’s vision and strategy
Cloover’s goal is to streamline sales processes and manages payments, ensuring a seamless energy transition. Co-Founder and Co-CEO Jodok Betschart explains, “Cloover’s vision is to dismantle the silos among key stakeholders essential for a successful energy transition. 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.”
Seasoned leadership driving innovation
Cloover’s founding team boasts industry veterans: Jodok Betschart (Co-CEO), an accomplished tech entrepreneur; Peder Broms (Co-CEO & CFO), with extensive experience in structured finance; and Valentin Gönczy (CPO), a seasoned SaaS expert steering software development. Their collective expertise propels Cloover’s mission to transform the renewable energy landscape.
Strategic focus and industry impact
With new funding, Cloover plans to enhance its installer software and bolster its sales, payments, and financing offerings. CPO Valentin Gönczy emphasises empowering small and medium-sized business (SMB) installers with sophisticated digital tools typically available only to larger companies. Gönczy states, “The prevailing industry attitude has been closely guarding innovations, allowing larger companies to refine their operations and growth. However, to achieve Net Zero there is no time to delay progress, as still more than 85% of all installations are done by SMB installers. 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.”
Co-CEO Peder Broms adds, “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. Moreover, through our platform Cloovers partners can unlock working capital for their operations which allows even faster deployment of renewables in Europe.”
Market potential and future prospects
The EU’s goal of 42.5% energy from renewables by 2030 demands annual investments of €800 billion, yet only half of that is currently secured. The residential renewables sector has grown by 20% annually over the past decade, driven by rising energy prices, increased electrification, and greater consumer awareness. While installers are meeting this demand, reaching the remaining 80% of households requires new tools, which Cloover aims to provide.
Shawn Xu, Partner at Lowercarbon Capital, underscores Cloover’s potential: “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.”
Proven success and future plans
Cloover has already demonstrated significant traction in the renewable energy sector, with several hundred partners across Europe and a revenue pipeline exceeding $3 billion. Pedram Ghassim, owner of Berlin-based solar installation company 4Panels, praises Cloover’s impact: “Since our company uses Cloovers software & financing options, we have seen a 26% uplift in closed deals while we were able to bring down offers sent to deals closed from five weeks to less than two weeks. For us, Cloover is a key pillar in the success of our daily operations and long-term growth.”
