Total amount raised
$21.1 Millions
Latest funding date
05/01/2023
Location
Cloverly has successfully raised $19 million in a Series A funding round, marking a significant milestone in its mission to scale climate action through carbon credits. The platform offers a comprehensive suite of tools, including commerce software and a marketplace, to facilitate the buying and selling of carbon credits.
Keep reading to explore the intricacies of Cloverly's fundraising journey and the investors backing this innovative platform.
What Is Cloverly?
Cloverly, founded in 2018, is a clean-tech startup based in Atlanta, Georgia. The company was established by Anthony Oni and operates with a team of 11-50 employees.
Specializing in multiple industries such as Air Transportation, CleanTech, E-Commerce, Energy, Ride Sharing, and Shipping, Cloverly aims to neutralize emissions by integrating high-quality carbon credits into digital applications. The platform offers various tools, including Cloverly Marketplace℠, API, Storefront, Supplier Platform, and Cloverly Catalyst, to help businesses achieve carbon neutrality.
How Much Funding Has Cloverly Raised?
- Seed Round
- Amount Raised: $2.1M
- Date: July 2021
- Lead Investors: Tech Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Cloverly's platform for integrating carbon credits into digital applications.
- Series A
- Amount Raised: $19M
- Date: May 2023
- Lead Investors: Grotech Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance Cloverly's digital infrastructure for the voluntary carbon market, develop a new supplier platform, expand the team, and establish a second headquarters in London.
Total Amount Raised: $21.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Grotech Ventures
- Details: Grotech Ventures is a prominent global technology investor known for backing innovative startups.
- Investment Focus Areas: Technology companies.
- Notable Investments: Not specified.
- Tech Square Ventures
- Details: Tech Square Ventures is an early-stage venture capital firm that was the original lead investor in Cloverly.
- Investment Focus Areas: General venture capital investments.
- Notable Investments: Not specified.
- Aquiline Technology Growth
- Details: Aquiline Technology Growth is a firm focused on technology investments, participating in Cloverly's Series A round.
- Investment Focus Areas: Technology investments.
- Notable Investments: Not specified.
- Impact Engine
- Details: Impact Engine invests in companies that create social and environmental impact, contributing to Cloverly's Series A round.
- Investment Focus Areas: Social and environmental impact investments.
- Notable Investments: Not specified.
- Mission One Capital
- Details: Mission One Capital is a venture capital firm that participated in Cloverly's Series A funding.
- Investment Focus Areas: General venture capital investments.
- Notable Investments: Not specified.
What's Next for Cloverly?
With the recent $19 million Series A funding, Cloverly is poised to expand its digital infrastructure for the voluntary carbon market. This includes developing a new supplier platform and tripling its team size. The establishment of a second headquarters in London will further enhance its global reach, meeting the growing demand for climate action solutions.
Future fundraising opportunities appear promising as the voluntary carbon market is projected to reach $50 billion by 2030. Cloverly's innovative approach and expanding market presence make it an attractive candidate for additional investment rounds. However, the company will need to navigate the evolving market dynamics and ensure the scalability of its digital infrastructure to maintain its growth trajectory.
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