Photocatalytic [2+2]-cycloadditions between cyclic enones and electron-rich cyclic enol ethers are initiated by triplet-triplet energy transfer from an excited iridium photocatalyst to the enone acceptor. The composition of the resulting cycloadduct mixture shows a surprising time dependency of the cyclobutane stereoisomeric ratio which indicates that the products are not photostable under the reaction conditions. The isomerisation of the cycloadducts 3 by a photoinduced redox process points to a switch from triplet energy transfer (PenT) to photoinduced electron transfer (PET) catalysis.