Cloover, a climate-focused fintech company that empowers providers of renewable energy technologies to offer their services through subscription models, has secured a pre-seed investment of €7 million.
This funding round was spearheaded by 9900 Capital, a group of investors with previous associations with the Gates Foundation and Hedosophia, and it also saw participation from QED, Broadhaven Ventures, Index Ventures’ Scout Fund, and Centrotec, along with influential figures in the climate and fintech sectors.
The capital infusion will be utilized to enhance Cloover’s software platform, broaden its range of services, initiate operations in Germany, and expand its presence throughout Europe, with the ambitious goal of making renewable energy accessible to one billion individuals.
Founded in 2022 by a team of four entrepreneurs, including Peder Broms (Co-CEO & CFO), Jodok Betschart (Co-CEO), Tony Kirmo (CRO), and Valentin Gönzcy (CPO), these founders collectively bring over 40 years of experience in finance and technology.
They have previously launched two successful software and fintech start-up’s and are dedicated to their mission of making renewable energy more accessible and affordable.
Co-CEO of Cloover, Peder Broms, said “Renewable energy technology is at the core of achieving Net Zero. However, the technology is capital-intensive and complex, which has made access to financing a key challenge for manufacturers, vendors, and end customers.”
“This is slowing down the adoption of renewable energy. We address this by enabling all parties in the value chain to sell products ‘as-a-service’ and manage their working capital better.”
“By removing capital constraints and enabling risk-sharing across the value chain we can deliver on our mission of making sustainable finance simpler, faster, and more affordable.”
Co-CEO and Founder, Jodok Betschart, stated “We are thrilled to have the support and backing of experienced climate and fintech investors, who share our passion for using innovative financial technology services to speed up the energy transition and make a meaningful impact on climate change.”
“Their investment is a vote of confidence in our business model and our vision of connecting one billion people to renewable energy. The funding will enable us to further develop our tech platform and reach a larger share of the industry with our products.”
“This will drive us closer to our goal of creating a greener and more equitable world of tomorrow.”
Cloover’s innovative platform empowers renewable technology providers to offer their services through subscription models, while also enabling them to effectively manage their operational funds.
This not only facilitates a smooth and low-risk transition to renewable energy and heating for both individuals and businesses but also simplifies, expedites, and makes sustainable finance more cost-effective. Cloover’s ultimate aim is to make renewable energy accessible to every household and business.
Taking a broader perspective, Cloover’s approach allows the company to establish a decentralized network of solar, battery storage, electric vehicle charging, and heating pump assets.
These assets will serve as a foundation for the company to coordinate support for local communities and contribute to the stability of the national grid infrastructure across Europe.
Betschart included “We plan to establish a connected network of independent power providers, driving the decentralisation of energy production and fostering sustainable, resilient communities — which is of great importance in the current political and economic climate.”
“By harnessing renewable energy sources at a local level, the plan is to help reduce the overall carbon footprint while creating a more reliable and cost-effective energy ecosystem.”
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