Cloverly, a climate action platform powered by technology, has announced the successful completion of a $19 million Series A funding round. The investment was led by Grotech Ventures, a prominent global technology investor, and joined by other notable firms including Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital.
Existing investors such as Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures also participated in the round. The funding will be used to further develop Cloverly’s state-of-the-art digital infrastructure for the voluntary carbon markets, including the introduction of a new supplier platform. This platform aims to facilitate the easy scaling of impact for buyers, suppliers, and various other companies. Additionally, the Series A funding will enable Cloverly to triple its team and establish a second headquarters in London to meet the growing global demand from customers.
In light of the Intergovernmental Panel on Climate Change’s (IPCC) findings, which state that carbon dioxide removal (CDR) is essential to achieving net zero CO2 or GHG emissions, the voluntary carbon market (VCM) plays a crucial role in driving immediate climate action. While substantial emissions reductions are required to combat climate change in the long run, the VCM addresses unavoidable emissions today.
According to the National Academy of Sciences, an additional 10 billion tonnes of carbon dioxide must be removed annually by 2050 to meet global emissions targets. This urgent need has contributed to the rapid growth of the VCM, which is projected to reach a value of $50 billion by 2030, as estimated by McKinsey and the Taskforce on Scaling Voluntary Carbon Markets. However, despite this growth and urgency, the VCM currently lacks many fundamental elements necessary to achieve significant impact at scale.
Cloverly, originally launched as the first application programming interface (API) for carbon credits, has since evolved into the most advanced digital infrastructure supporting the voluntary carbon markets. With a mission to facilitate high-impact climate action, Cloverly has gained the trust of over 200 enterprises worldwide, spanning various sectors such as financial services, technology, ESG/carbon accounting, supply chain management, and eCommerce. Leading project developers and suppliers also rely on the Cloverly platform to manage their carbon credit operations effectively.
The successful completion of the Series A funding round represents a significant milestone for Cloverly. With the additional resources, the company is well-positioned to enhance its digital infrastructure, expand its customer base, and contribute to the development of a more robust voluntary carbon market. By enabling organizations to easily scale their climate impact, Cloverly is playing a vital role in driving the transition to a sustainable and low-carbon future.