Cloverly Raises $2.1M Seed Funding for Carbon Offset API

Cloverly Secures $2.1 Million Seed Funding to Expand Carbon Offset API

Cloverly, a startup located in Atlanta and operating in the early stages of development, has created an Application Programming Interface (API) designed to assist businesses in quantifying and subsequently neutralizing their carbon emissions.

The company recently announced the successful completion of a $2.1 million seed funding round.

Investment Details and Leadership Transition

TechSquare Ventures spearheaded the investment, with contributions from SoftBank Opportunity Fund and Panoramic Ventures. Additional participation came from Circadian Ventures, Knoll Ventures, and SaaS Ventures.

Concurrently, Cloverly announced a shift in leadership. Founder Anthony Oni is transitioning away from daily operational responsibilities, but will continue to contribute as a board advisor.

Jason Rubottom, a former executive from eBay, has been appointed as the new Chief Executive Officer (CEO).

How the Cloverly API Works

“We function as a Sustainability as a Service provider, empowering other organizations to measure and diminish their carbon footprint,” Rubottom clarified. “Our API calculates carbon emissions stemming from diverse business activities and processes.

It then enables the business, or its clientele, to offset these emissions, and delivers thorough reporting on the process.”

Rudy Krehbiel, who oversees operations, emphasized the API’s adaptability. He stated that while customization is involved during initial setup, the system operates autonomously once integrated.

“The solution is fully automated. The majority of the work is completed upfront, and after integration, it becomes a fully productized and operationalized ongoing measurement and offsetting solution,” Krehbiel explained.

Automated Carbon Offsetting and Market Monitoring

As clients integrate solutions utilizing the API, they can offset their carbon impact through the purchase of carbon offsets from public markets. This offsetting process can be automated based on a company’s specific usage patterns.

Cloverly actively monitors the carbon offset market to guarantee the credibility of sources and continually adds new, verified options as they become available.

Current Impact and Company Origins

The company currently collaborates with over 600 brands, collectively offsetting more than 55 million pounds of carbon to date.

The API’s initial concept originated with Oni during his tenure at the Southern Company, and the startup was officially launched on Earth Day in 2019.

Significance of Funding for Diversity

Oni acknowledges the importance of this funding from a diversity standpoint, as a Black tech founder in the climate tech sector.

“Being a Black tech founder within the climate tech space, receiving investment from TechSquare Ventures and SoftBank’s Opportunity Fund is incredibly encouraging,” he stated. “A diverse range of individuals and teams will be essential in developing solutions for a more sustainable future.”