US venture capital company Lowercarbon Capital led the round, with additional backing from QED Investors and 9900 Capital, two prior investors.

The start-up made the announcement through a LinkedIn post, stating that the money will be utilized to “enhance our operating system designed for the renewable energy industry,” with a particular emphasis on expanding its payment, sales, and financing capabilities.

With the goal of "simplifying operations for the whole renewables value chain," Cloover, a company founded in 2022, claims that its platform helps installers in the renewable energy sector, including those who install solar panels, "improve their sales processes, manage their payments and financing options, procure materials, and oversee the energy production of their installations."

According to the firm, reaching net-zero is unachievable "if we do not solve the sustainable hardware financing issue." As a result, its platform aims to give partners that offer a range of integrated finance services a plug-and-play solution.