Climate fintech Cloover raises €7M to provide renewable energy as a subscription service

Cloover, a Swedish/Swiss-based climate fintech startup that enables vendors of renewable energy technologies to offer their services as a subscription, announced on Wednesday that it has secured €7M in a pre-seed round of funding. 

The funding was led by 9900 Capital (former Gates Foundation and Hedosophia investors), with participation from QED, Broadhaven Ventures, Index Ventures’ Scout Fund and Centrotec, together with prominent climate and fintech angels.

“Connecting people to renewable energy”

Cloover was founded by a team of four experienced entrepreneurs including Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönczy. Together, they bring over 40 years of combined experience in finance and technology. 

The founders have a track record of building two successful software and fintech startups. Their mission with Cloover is to make renewable energy more accessible and affordable, reflecting their dedication to sustainable solutions.

Broms says, “Renewable energy technology is at the core of achieving Net Zero. But 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,” adds Broms.

Renewable energy as a subscription service

Cloover offers a platform that allows vendors of renewable technologies to provide services through subscriptions. This approach simplifies the transition to renewable energy for individuals and businesses, making it both cost-effective and low-risk. 

The company’s platform not only makes sustainable finance more accessible but also contributes to building a decentralised network of solar, battery storage, EV charging, and heating pump assets. 

These assets support local communities and enhance the national grid infrastructure across Europe, showcasing Cloover’s impact on sustainable energy systems.

Co-CEO Jodok Betschart says, “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,” adds Betschart.

Capital utilisation

Cloover says it will use the funds to further enhance its software platform, expand its service offerings, launch in Germany, and expand across Europe to deliver renewable energy to one billion people.

Betschart adds, “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,” adds Betschart.