Cloverly, the First API for Carbon Credits, Secures $19M in Series A Funding
Cloverly, a startup that provides an API for carbon credits, has secured $19 million in Series A funding. The funding round was led by Greycroft, with participation from Bullpen Capital, AirAngels, and a number of other investors.
Cloverly’s API allows businesses to offset their carbon emissions by purchasing carbon credits. Carbon credits are a way for companies to invest in projects that reduce greenhouse gas emissions, such as renewable energy projects or reforestation efforts. By purchasing carbon credits, companies can offset their own emissions and help fund projects that have a positive impact on the environment.
Cloverly’s API makes it easy for businesses to integrate carbon offsetting into their operations. The API can be integrated into e-commerce platforms, shipping software, and other business systems. When a customer makes a purchase or a package is shipped, Cloverly’s API calculates the carbon emissions associated with that transaction and offers the option to offset those emissions by purchasing carbon credits.
The funding will be used to expand Cloverly’s team and further develop its technology. The company plans to add new features to its API, such as the ability to track the impact of carbon offsetting investments and provide customers with more detailed information about the projects they are supporting.
Cloverly’s API is already being used by a number of businesses, including Shopify, which integrated Cloverly’s API into its platform in 2020. Other companies using Cloverly’s API include Pallet Alliance, which offers carbon-neutral shipping options to its customers, and Lush Cosmetics, which offsets the carbon emissions associated with its online orders.
The demand for carbon offsetting solutions is growing as more businesses look for ways to reduce their environmental impact. According to a report by Ecosystem Marketplace, the global market for voluntary carbon offsets grew by 6% in 2019, reaching a total value of $320 million.
Cloverly’s API is well-positioned to capitalize on this growing market. By making it easy for businesses to offset their carbon emissions, Cloverly is helping to drive positive environmental change and create a more sustainable future. With its new funding, the company is poised for even greater success in the years to come.
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