Cloverly, an API-based, B2B carbon offsetting solution, has raised USD 19 million in a Series A funding round led by Grotech Ventures. 

The funds will be utilized to further develop Cloverly’s digital infrastructure platform for the voluntary carbon markets, including the new supplier platform. Part of the funds will also support tripling its team expansion activities and launching a second headquarters in London to meet increasing global demand. 

The round was joined by new investors Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital, alongside existing investors Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures. 

Analyst QuickTake: The funding round brings the company’s total funding to USD 21.1 million. The new funding round will support the development of Cloverly’s supplier software that manages crucial operations, including inventory management, multi-channel distribution, and tracking of credit sales. This new supplier platform will offer carbon credits from suppliers such as Tradewater, Therm, KOKO Networks, and CarbonCure .