Cloverly, a technology-enabled climate protection platform, announced that the company has closed a $19 million Series A funding round. The investment was led by Grotech Ventures, a leading global technology investor.
Other leading companies such as Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures and CreativeCo Capital have joined and were supported by existing investors such as Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures and Panoramic Ventures supported.
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, the statement said.
“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.”
“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 provider in just a few short years is a testament to the continued innovation they are bringing to meet this important market need.”
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