A climate fintech Cloover that enables vendors of renewable energy technologies to offer their services in the field of energy as a subscription has secured a €7 million pre-seed investment. The subject round was led by 9900 Capital (former Gates Foundation and Hedosophia investors), with participation from Broadhaven Ventures, QED, Index Ventures’ Scout Found, and Centrotec, coupled with prominent climate and fintech angels.
Cloover was founded in 2022 by a team of four entrepreneurs: Peder Broms (Co-CEO & CFO), Jodok Betschart (Co-CEO), Valentin Gönzcy (CPO), and Tony Kirmo (CRO). These 4 boast 40 years of combined solid experience in the field of tech and finance, built two successful software and fintech startups, having dedicated their lives to making renewable energy more accessible and affordable.
Meanwhile, the new investment will be used to enhance Cloover’s software platform, expand its service offerings, launch in Germany, and expand across Europe with the intent to deliver renewable energy to one billion people.
“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 adaptation 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 of Cloover ‘Peder Broms’, said.
‘Jodok Betschart’, Co-CEO and Founder, commented: “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 large 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”.
The startup’s platform enables vendors of renewable technologies to offer their services as subscriptions, and in addition to manage their own working capital. According to a source familiar with this, it helps individuals and businesses transition to renewable energy and heating in a capital-efficient and risk-free way. Fintech Cloover makes sustainable finance simpler, faster, and more affordable while delivering renewable energy to every business and household.
Looking at this from a broader perspective, Cloover’s mode of approach allows the company to build a decentralized network of solar, battery storage, EV charging, and heating pump assets. All these will be deployed by the company to further coordinate support for local communities and the national grid infrastructure across Europe.
“We plan to establish a connected network of independent power providers, driving the decentralization 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”, Betscart added.
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