Cloverly, an Atlanta GA-based climate tech company, raised $2.1M in seed funding.
The round was led by Tech Square Ventures with participation from SB Opportunity Fund, Circadian Ventures, Knoll Ventures, Panoramic Ventures, and SaaS Ventures.
As part of the transaction, Cloverly has been spun out of Southern Company, where the company was incubated with the help of Anthony Oni, a long-time energy industry executive. Oni will transition to an advisory and board role with the company.
The funding round will support new hires and product development efforts of the company.
Led by new CEO Jason Rubottom, who succeeds Anthony Oni, Cloverly provides an API for carbon offsetting.
The Cloverly API effectively mitigates the negative environmental impact of common, carbon-emitting activities in real time, on an automated, per-transaction basis. Using inputs from an organization’s existing data, it calculates the amount of carbon emitted and purchases the appropriate amount of carbon offsets to neutralize the emissions. In addition, Cloverly offers consumer-facing touchpoints (i.e. in ecommerce checkout) for companies that want to provide their customers with the option to support their sustainability efforts.
The solution calculates and offsets emissions from ecommerce, financial transactions, commercial air travel, fleet transport, supply chain operations, energy consumption, and more.
Rubottom, a former eBay GM, joins Cloverly with over 16 years of experience in technology, including ecommerce, financial services, and supply chain. Prior to Cloverly, he served as the CEO of Ally Commerce, an ecommerce software company that was recognized as one of the fastest growing companies in America for several years in a row.
FinSMEs
08/07/2021