Climate action platform Cloverly announced on May 11 the company has raised $19 million in funding. The Series A funding round was led by Grotech Ventures and supported by other companies such as Aquiline Technology Growth, Impact Engine, and Mission One Capital, among others.
The funding will allow Cloverly to further develop its digital infrastructure for the voluntary carbon market (VCM), including its supplier platform that allows companies to scale their impact in the industry. With the new financing, Cloverly also plans to triple its team and open a second headquarters in London.
The world’s first API for CO2 credits, Cloverly aims to address the issues with access, ease, trust, and transparency in the VCM. The company has already established partnerships with global leaders such as American Express, Salesforce, and Visa.
Cloverly’s users can scale their climate actions by purchasing CO2 removals or using the startup’s technology for their products and services. Carbon credit suppliers can scale their services using the Cloverly Marketplace™ and the company’s supplier software that allows them to manage commercial operations such as inventory management, distribution, and CO2 credits tracking. Tradewater, Therm, KOKO Networks, and CarbonCure are all among the companies offering credits on the Cloverly platform.
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“Cloverly has been such a strong champion as we look to scale our distribution of carbon credits,” said Rahul Misra, Head of Carbon Product and Operations at CarbonCure. “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.”
According to a 2022 NielsenIQ report, 30% of consumers are more likely to purchase sustainable products. In addition, 2022 research from the Wharton School of Business indicates that two-thirds of consumers would pay more for sustainable products.
“We cannot wait – we need to act now,” shared Jason Rubottom, CEO of Cloverly. “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.”
Read more: Salesforce Launches Its Own Carbon Market – Net Zero Marketplace