Cloverly – a technology-powered climate action platform – announced recently that it has raised a $19 million Series A funding round. This funding round was led by Grotech Ventures and joined by other leading firms including Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital, and supported by existing investors including Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures.
This funding round will drive further development of Cloverly’s industry-leading digital infrastructure for the voluntary carbon markets, including the new supplier platform, helping buyers, suppliers, and nearly any other company to easily scale their impact. Plus the Series A funding round will also support tripling Cloverly’s team and launching a second headquarters in London in order to accommodate global customer demand.
Cloverly has been addressing problems associated with surrounding access, ease, trust, and transparency since its inception as the first API in the world for carbon credits and the company has grown to become the leading digital infrastructure powering the VCM, partnering with global leaders such as American Express, Salesforce, Visa, etc. And businesses can quickly scale their climate action by directly purchasing quality carbon removals or by embedding the Cloverly technology into their own products, services, or supply chains. Project suppliers are able to also scale by leveraging the Cloverly Marketplace as well as Cloverly’s supplier software which enables them to manage critical commercial operations such as inventory management, multi-channel distribution, and the tracking of credit sales. The new supplier platform offers credits from innovative suppliers such as Tradewater, Therm, KOKO Networks, CarbonCure.
Consumer spending data reaffirms not only the environmental imperative for scaling climate change but also the public demand to incorporate sustainable choices into our lives. And a 2022 NielsenIQ report shows 30% of consumers are more likely to purchase sustainable products and a 2022 report from the Wharton School of Business 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 greatest opportunities businesses can leverage to meet this proven market demand.
KEY QUOTES:
“We cannot wait – we need to act now. 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.”
— Jason Rubottom, CEO of Cloverly
“Cloverly has been such a strong champion as we look to scale our distribution of carbon credits. The value they provide both by showcasing our solution and via their genuine partnership is important as we navigate the very dynamic voluntary carbon market and engage with a diverse range of credit buyers.”
— Rahul Misra, CarbonCure’s Head of Carbon Product and Operations
“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.”
— Lawson Devries, general partner at Grotech Ventures
“It has been remarkable to watch Cloverly evolve since its seed round. Seeing both the product and team rapidly grow into a world-class player in just a few short years is a testament to their continued innovation to meet this critical market need.”
— Vasant Kamath, general partner of Tech Square Ventures, the original lead investor in the company
