Berlin-based startup Cloover has raised $114 million to help consumers switch to solar energy

Climate and fintech startup Cloover has announced a $114 million (€105 million) funding round to further accelerate Europe’s transition to renewable energy.

The Berlin startup was founded in 2022 by Peder Broms, Jodok Betschart, Tony Kirmo and Valentin Gönczy. Their vision is to facilitate the energy transition, with a particular focus on solar energy in residential buildings.

Clover has built a platform connecting installers, prosumers, manufacturers, energy suppliers and investors.

It enables sellers to offer their services on a subscription basis, enabling consumers to rent renewable technologies – especially solar panels, but also other applications such as batteries – instead of committing to upfront purchase costs or seeking external financing.

The company leverages its own consumer energy savings data and combines it with multiple financing options on the platform. Thanks to this, the startup can expand financing options to households that were previously unavailable.

The Cloover platform also enables suppliers to secure working capital for their businesses.

The startup is specifically aimed at small and medium-sized installers, who it says represent over 85% of all photovoltaic installations in Europe.

“Our software provides this target group with the same advanced digital tools that large players have long had at their disposal, enabling them to compete on a level playing field and accelerate the adoption of sustainable energy,” said Valentin Gönczy, co-founder and CPO of Cloover.

Cloover has many partners across Europe, including Zonduurzaam in the Netherlands and Solarkraft in Sweden.

With the new capital, the startup plans to increase the development of installation software, as well as sales, payments and financial offers.

Lowercarbon Capital led the financing round with participation from 9900 Capital and QED. The latest financing follows an investment worth EUR 7 million that took place in October last year.

In 2023, the European solar market grew by 40%. Cloover is seeking to capitalize on demand by aiming to connect 1 billion people to renewable energy.

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