Cloverly Announces $19M Series A Funding Round and Validation of New Supplier Platform for Voluntary Carbon Markets.

2023-05-11 22:51:24

Atlanta (ots/PRNewswire) – Cloverly, a technology-enabled climate protection platform, announced today that the company has closed a $19 million Series A funding round. The investment was made by Grotech Ventures, a leading global technology investor. Other leading companies like Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures and CreativeCo Capital joined and were liked by existing investors Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures and Panoramic Ventures supports. This funding will fund the advancement of Cloverly’s industry-leading digital infrastructure for the voluntary carbon market, including the new supplier platform that enables buyers, suppliers and virtually any other business to easily scale their impact. The Series A also supports the tripling of the Cloverly team and the opening of a second headquarters in London to meet global customer demand.

Innovation in a critical industry

Laut dem Intergovernmental Panel on Climate Change (IPCC), the use of Carbon Dioxide Removal (CDR) to compensate for residual emissions that are difficult to degrade is essential if net zero for CO2 or greenhouse gas emissions is to be achieved. The Voluntary Carbon Market (VCM) represents a critical mechanism to take immediate climate action by addressing unavoidable emissions today in parallel with the large-scale emission reductions needed to avert climate change in the future. In order to achieve the global emission targets, according to the National Academy of Sciences By 2050, an additional 10 billion tons of carbon dioxide will be removed annually. This urgent need is fueling incredible growth in these markets, which according to McKinsey und der Taskforce on Scaling Voluntary Carbon Markets to reach $50 billion by 2030. However, despite the growth and urgency, the VCM lacks many of the fundamental elements needed to make meaningful impact at a larger scale.

Cloverly has addressed these issues of access, simplicity, trust and transparency since its inception as the world’s first carbon credit API. The company has grown into the leading digital infrastructure for the VCM and works with world-leading companies such as American Express, Salesforce, Visa and others. Pursue can rapidly scale up their climate action by purchasing high quality carbon remissions directly or incorporating Cloverly technology into their own products, services or supply chains.project suppliers can also scale by leveraging Cloverly Marketplace™ as well as Cloverly’s supplier software, which enables them to manage critical business operations such as inventory management, multi-channel sales and credit sales tracking. The new supplier platform offers credits from innovative providers such as Tradewater, Therm, KOKO Networks, CarbonCure.

“Cloverly has been very supportive in expanding our carbon credit distribution,” added Rahul Misra, CarbonCure’s Head of Carbon Product and Operations. “The value they offer both by showcasing our solution and by their genuine partnership is important as we move in the very dynamic voluntary carbon market and engage with a variety of certificate buyers.”

The market demand

The consumption spending data not only underscores the ecological imperative to tackle climate change, but also the public demand to integrate sustainable choices into our lives. A Nielsen IQ -Message from 2022 shows that 30% of consumers are more willing to buy sustainable products and a Message from the Wharton School of Business in 2022 highlights that two-thirds of consumers are willing to pay more for sustainable products. Incorporating climate action into user experiences and product roadmaps is one of the biggest opportunities companies can capitalize on to meet this proven market demand.

“We can’t wait – we need to act now,” said Cloverly CEO Jason Rubottom. “The importance of the voluntary carbon market shows that there is an unprecedented demand for solutions that enable both businesses and consumers to actively contribute to important climate action. Cloverly is in a unique position to facilitate this engagement, and this Financing round stands for that.”

“As part of our due diligence, we spoke to many of Cloverly’s customers. We were impressed by the passion they had for Cloverly’s product and team,” recalled Lawson Devries, general partner at Grotech Ventures. “It became clear that Cloverly has not only established itself as a global leader in a large market, but also offers real value for its stakeholders and has a positive impact on the fight against climate change. We are excited to be a part of it. “

“It has been remarkable to see Cloverly evolve since the founding round,” said Vasant Kamath of Tech Square Ventures, the company’s original lead investor. “The fact that both the product and the team have grown into a world-class supplier in just a few short years is a testament to the continued innovation they are bringing to meet this important market need.”

About Cloverly

Launched as the first API for carbon credits, Cloverly is the most advanced digital infrastructure for the voluntary carbon markets today. Cloverly has set itself the task of scaling climate-impacting measures. Cloverly is trusted by more than 200 companies worldwide, including companies in financial services, technology, ESG/carbon accounting, supply chain and e-commerce. For more information, see

Information on Grotech Ventures

Founded in 1984, Grotech Ventures is a leading early-stage investor in promising technology companies. Grotech seeks innovative early-stage investments across the technology landscape and invests in value creation throughout the lifecycle of each portfolio company. The company has a strong combination of financial backing, industry relationships and deep expertise to accelerate growth. With more than $1.0 billion in committed capital, Grotech supports early-stage companies with investments starting at $500,000. For more information, see http://www.grotech.com.