Cloverly, the first API for carbon credits, has secured $19 million in a Series A funding round. The funding was led by Polaris Partners, with participation from existing investors including Atlanta Seed Company, Knoll Ventures, and BLH Venture Partners.
Cloverly is a platform that 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 or reforestation projects. By purchasing carbon credits, companies can offset their own emissions and contribute to the fight against climate change.
The Cloverly API makes it easy for businesses to integrate carbon offsetting into their existing systems. The API can be used to calculate the carbon footprint of a transaction, and then automatically purchase the corresponding amount of carbon credits to offset that footprint. This allows businesses to offer carbon-neutral products and services to their customers, without having to manage the offsetting process themselves.
The new funding will be used to expand Cloverly’s team and accelerate the development of new features. The company plans to add support for additional types of carbon credits, as well as new payment methods and integrations with other platforms.
“We’re thrilled to have the support of Polaris Partners and our existing investors as we continue to grow and expand our platform,” said Anthony Oni, CEO of Cloverly. “Our goal is to make it easy for businesses of all sizes to take action on climate change, and this funding will help us do just that.”
Cloverly has already seen significant adoption among businesses in a variety of industries, including e-commerce, travel, and transportation. The platform has processed over 1 million transactions since its launch in 2019, offsetting over 100 million pounds of carbon emissions.
As the world continues to grapple with the effects of climate change, solutions like Cloverly are becoming increasingly important. By making it easy for businesses to offset their carbon emissions, Cloverly is helping to create a more sustainable future for all.
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