Serena Capital is a European Venture Capital firm based in Paris that, through its Racine2 Climat vehicle, led a €3.2M round in Clevergy, a Spanish climate-tech startup that helps energy retailers digitize their customer relationships and promote energy savings through a hardware-free SaaS platform.
| Startup | Clevergy |
| Investor | Serena Capital · Racine2 Climat |
| Sector | Climate-tech · Energy SaaS · Energy efficiency |
| Founded | Spain |
| Stage | Series A · European expansion |
| TSCFO services | Financial due diligence · Tax Lease |
| Main challenge | Validating financial information before a round led by an international fund |
| Solution | MRR analysis · invoicing · forecast · balance sheet · investor support |
| Key result | €3.2M round led by Serena Capital |
— 01 · STARTING POINT
Preparing a round with international investors
Clevergy was preparing a new funding round to accelerate its growth within the digital energy sector.
The company had a clear proposition: helping energy retailers improve customer relationships and promote energy savings through a scalable SaaS platform.
Before formalizing the investment, Serena Capital contacted The Startup CFO to carry out a financial due diligence process that would allow the business to be analyzed rigorously and the transaction to move forward with confidence.
— 02 · WHAT WE DID
Financial clarity to strengthen investor confidence
At The Startup CFO, we supported the financial analysis process for Clevergy, working with its team and Serena Capital to ensure a clear, structured view aligned with the fund’s criteria.
The work focused on reviewing MRR, invoicing, the forecast and specific balance sheet items. The goal was to ensure that the financial information accurately reflected the business and helped explain its growth potential.
MRR analysis
Review of MRR and invoicing to ensure an accurate view of recurring revenue.
Financial forecast
Review of the model, growth assumptions and consistency of projections.
Balance sheet structure
Analysis of specific items such as phantom shares and their proper presentation in the context of the round.
— 03 · DUE DILIGENCE
A clear financial process before investment
The result was a professional, clear financial report adapted to Serena Capital’s needs. The due diligence process helped identify, organize and explain the main financial elements of the business before the capital investment.
Following the process, Serena Capital, through Racine2 Climat, led a €3.2M round in Clevergy, reinforcing the company’s position within the climate-tech and energy transition sector.
— 04 · RESULTS
A round supported by solid financial information
€3.2M round
Financing led by Serena Capital
Validated MRR
Recurring revenue and contracts reviewed
Ongoing support
Later support in Tax Lease and funding
The collaboration with Clevergy and Serena Capital shows how well-executed financial due diligence can help strengthen confidence between startup and investor. In a funding round, it is not only about having strong numbers, but about having numbers that are well built, well explained and aligned with the business model.
This case reflects the value of bringing clarity at a key moment. When financial information is consistent and the team responds quickly, the investment process moves forward with more confidence and less friction.
