Cloverly, a climate tech startup, has announced that it has secured $19 million in funding. The funds will be used to develop its voluntary carbon markets (VCM) infrastructure platform, expand its team, and establish a global presence.
Founded in 2018 and based in Atlanta, Cloverly initially launched as an API to calculate carbon emissions from activities and purchase real-time carbon offsets to mitigate the impact. The company has recently introduced a supplier platform that offers credits from multiple carbon removal suppliers. Additionally, they provide software to help suppliers manage their commercial operations.
The demand for carbon offset projects and related credits is projected to rise significantly in the coming years as companies and businesses commit to achieving net-zero emissions. Cloverly enables businesses to scale their climate action by either purchasing carbon credits or integrating their technology into products, services, and supply chains.
The Series A funding round was led by Grotech Ventures, a venture capital investor focused on technology. Other participants included Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, CreativeCo Capital, Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures. The proceeds will be used to develop the VCM infrastructure, expand the team, and establish a second headquarters in London.
Lawson Devries, General Partner at Grotech Ventures, said:
“Through our due diligence, we spoke to many of Cloverly’s customers. We were struck by the passion they had for Cloverly’s product and team. It became clear that Cloverly has not only established itself as a global leader in a large market but that they were bringing real value to their stakeholders and positively impacting the larger fight against climate change. We are excited to be a part of that.”
Jason Rubottom, CEO of Cloverly, said:
“The importance of the voluntary carbon market demonstrates an unprecedented demand for solutions that allow both businesses and consumers to actively contribute to critical climate action. Cloverly is uniquely positioned to facilitate that engagement and this funding round represents that.”
