Cloverly, an Atlanta-based startup, has developed an API that helps companies measure and then offset their carbon emissions. Today, the company announced a funding round of $ 2.1 million.
TechSquare Ventures led the round with participation from SoftBank Opportunity Fund and Panoramic Ventures as well as Circadian Ventures, Knoll Ventures and SaaS Ventures.
While at it, the company announced that founder Anthony Oni has stepped down from day-to-day management of the company, but will remain on the board as an advisor. The company hired former eBay director Jason Rubottom as CEO in its place.
“We’re a sustainability-as-a-service company that helps other businesses measure and reduce their carbon footprint. Our API measures carbon emissions from various activities or processes within a business and allows that business or its customers to offset those emissions. And then he provides full reports on it, ”Rubottom explained.
Rudy Krehbiel, who heads up the company’s operations, says the API is designed to be flexible to meet the needs of each business accessing the services, but once developers create an app, it automatically works to measure performance. emissions and buy offsets. “The solution itself is automated. Most of the work is done upstream, and once we’re integrated it becomes a fully produced and operationalized continuous measurement and compensation solution, ”he said.
As customers create solutions using the tool, they can then offset their carbon consumption by purchasing carbon offsets in public markets, and this can be automated based on usage. of a given company. Cloverly monitors the compensation market to ensure sources are credible and add new ones as they develop.
The company works with more than 6,000 brands, which have so far offset more than 55 million pounds of carbon. The API was originally designed by Oni when he was working for the Southern Company and was created as a startup on Earth Day in 2019.
Oni, who is black, walks away from day-to-day operations by handing over to Rubottom, but recognizes the importance of this funding from a diversity perspective.
“As the black tech founder of a climate technology company, it’s incredibly interesting to have TechSquare Ventures and Softbank’s Opportunity Fund as investors. It will take diverse people and teams to find solutions to create a more sustainable future, ”he said.