Cloover secures more than $1 billion to green European homes

Berlin-based Cloover announced $22 million in Series A equity and access to about $1.2 billion in debt financing, bringing total available debt to more than $1.3 billion and supported by a €300 million guarantee from the European Investment Fund.

Cloover announced new funding to expand financing for home energy upgrades. The company raised $22 million in a Series A round and gained access to about $1.2 billion in debt, backed in part by a €300 million European Investment Fund guarantee. Founders say high upfront costs for heat pumps, solar panels and batteries are a major barrier for homeowners. Cloover offers embedded finance at the point of sale through installers and also provides working capital to installer firms. Key facts: - Cloover's Series A is $22 million and the company now has access to roughly $1.2 billion in debt; total available debt exceeds $1.3 billion and benefits from a €300 million EIF guarantee. - The firm was founded in 2023 by Jodok Betschart, Peder Broms and Valentin Gönczy. - Cloover has financed around 2,500 installations and reported sales close to $100 million in the prior year. - It currently operates in Germany, Switzerland, Sweden and the Netherlands and is considering expansion into France, Italy, the UK and Austria. - The product is embedded finance for installers so homeowners can spread the cost of upgrades; the cost of borrowing is described as slightly above standard mortgage rates but below a conventional bank loan. - The Series A round was led by MMC Ventures and QED Investors, with participation from Lowercarbon Capital, BNVT Capital, Bosch Ventures, Centrotec and Earthshot Ventures, taking total equity raised to more than $30 million. Summary: The funding gives Cloover substantial capital to provide point-of-sale finance to homeowners and working capital to installers, addressing upfront cost and cashflow barriers in the fragmented home energy market. The company plans to use the Series A to develop its product set and to expand into additional European markets while continuing to scale its platform and installer services. Undetermined at this time.