Cloover Raises €105 Million to Revolutionize Renewable Energy Connectivity with Its Operating System

Berlin-based startup Cloover has successfully raised €105 million in a seed round to drive the expansion of its innovative operating system for the renewable energy sector. By integrating software, financial, and energy solutions, this platform bridges the gap between critical stakeholders in the energy transition, including installers, prosumers, manufacturers, energy providers, and investors.

The funding round, led by Lowercarbon Capital—founded by the prominent venture capitalist Chris Sacca—also saw participation from existing investors 9900 Capital and QED. The oversubscription of this round highlights the strong momentum and robust investor confidence in Cloover's business model, even amidst challenging economic conditions.

"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," stated Jodok Betschart, Co-Founder & CEO of Cloover.

Cloover's founding team is a blend of seasoned industry professionals. Jodok Betschart, Co-CEO, is a veteran tech entrepreneur; Peder Broms, Co-CEO and CFO, brings over a decade of structured finance experience; and Valentin Gönczy, CPO, is a SaaS expert spearheading Cloover's software development.

With this fresh influx of capital, Cloover plans to intensify its focus on developing software for installers and enhancing its offerings in sales, payments, and financing.

"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," commented Valentin Gönczy, Co-Founder & CPO of Cloover, highlighting the strategic focus on levelling the playing field.

Peder Broms, Co-Founder & CEO, added: "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."

To meet the EU's ambitious goal of generating 42.5% of energy from renewables by 2030, an annual investment of €800 billion is required, yet only half of that is currently being met.

The residential renewables sector has experienced a 20% annual growth over the past decade, spurred by rising energy prices, increased electrification, and heightened consumer awareness. While installers have risen to meet this demand, reaching the remaining 80% of households necessitates new tools—tools that Cloover is committed to providing.

"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," Shawn Xu, Partner at Lowercarbon Capital, added.