May 11, 2023, ATLANTA – A platform for climate action enabled by a technology named Cloverly revealed today that it had raised a $19 million Series A funding round. Leading global technology investor Grotech Ventures spearheaded the investment, supported by existing investors Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures. Other notable firms participating in the investment included Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital. With this funding, Cloverly will be able to continue to expand its market-beating digital infrastructure for the voluntary carbon markets, including the new supplier platform, which will make it simpler for buyers, suppliers, and practically any other company to scale their influence.
As stated by the Intergovernmental Panel on Climate Change (IPCC), “The deployment of carbon dioxide removal (CDR) to counterbalance hard-to-abate residual emissions is unavoidable if net zero CO2 or GHG emissions are to be achieved.” The voluntary carbon market (VCM) is a crucial vehicle for promoting immediate climate action by addressing today’s unavoidable emissions alongside the significant reductions necessary to avert future climate change. The National Academy of Sciences estimates that an additional 10 billion tonnes of carbon dioxide must be eliminated annually by 2050 to meet the worldwide emissions targets.
Since its inception as the first API in the world for carbon credits, Cloverly has been addressing these issues relating to access, ease of use, trust, and transparency. The company has since developed into the top digital infrastructure powering the VCM, partnering with industry titans like American Express, Salesforce, Visa, etc. Businesses may scale up their climate action swiftly by purchasing high-quality carbon removals or integrating the Cloverly technology into their own goods, services, or supply chains. Project suppliers may scale by utilizing the Cloverly MarketplaceTM and its supplier software, which enables them to manage crucial business processes like inventory management, multi-channel distribution, and the tracking of credit transactions.
The most cutting-edge digital infrastructure driving the voluntary carbon markets is Cloverly, which was first introduced as the API for carbon credits. Cloverly, founded to scale high-impact climate action, is now trusted by more than 200 businesses worldwide, including those in financial services, technology, ESG / carbon accounting, supply chain, eCommerce, and more. Dozens of the top project developers and suppliers use the Cloverly platform to oversee their carbon credit business.
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