Tech Square Ventures Leads Investment in Cloverly
ATLANTA, July 8, 2021 – Cloverly, the leading API for carbon offsetting, today announced a growth investment from Tech Square Ventures, a leading early-stage investment firm. Tech Square will be joined in the round by the Softbank Opportunity Fund, Panoramic Ventures, Knoll Ventures, SaaS Ventures, and Circadian 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.
Joining the Company as CEO is Jason Rubottom, an executive with 16 years of experience in the technology industry, including the eCommerce, financial services, and supply chain sectors. Prior to Cloverly, Rubottom served as the CEO of Ally Commerce, an eCommerce software company recognized as one of the fastest-growing companies in America for several years in a row. Prior to Ally, Rubottom was a General Manager at eBay and a consultant for Microsoft.
Vasant Kamath, a General Partner at Tech Square Ventures, said, “We are excited to partner with Cloverly to drive the growth of its unique, sustainability-focused API. We believe the market opportunity for Cloverly is significant, and the Company has seen meaningful traction across multiple categories. Our firm has known Jason for a long time and we are thrilled to have him on board.”
“The fight against climate change has never been more important,” said Rubottom. “With the support of our investors, I believe Cloverly is well-positioned to lead businesses, organizations, and consumers to a low carbon future. This funding will allow us to double down on our mission through further developing our product and building our team.”
Added Jim Heath, Managing Director of New Ventures at Southern Company, “Cloverly arose from our long-standing commitment to everyday innovation and our desire to deliver useful and usable decarbonization solutions to our customers. We were thrilled by the customer response during our incubation of Cloverly and are excited to complete this transaction. Jason brings energy and experience to the Company and we are looking forward to his successful leadership.”
The Cloverly API effectively mitigates the negative environmental impact of common, carbon-emitting activities in real-time, on a per-transaction basis. Using inputs from a business’ or 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 uniquely offers consumer-facing touchpoints (i.e. in eCommerce checkout) for companies that want to provide customers with the option to support their sustainability efforts.
Cloverly calculates and offsets emissions from e-commerce, commercial air travel, fleet transport, supply chain operations, energy consumption, and more. Since launching on Earth Day in April 2019, Cloverly, in partnership with its brand partners, has offset over 55 million pounds of carbon.
To learn more about Cloverly and its mission to help the world go carbon neutral, visit www.cloverly.com.
About Tech Square Ventures
Tech Square Ventures is an Atlanta-based early-stage venture capital firm that partners with visionary entrepreneurs to help them with what they need most – access to markets and customers. Tech Square Ventures’ platform is built on a strategic network of innovation ecosystem, corporate, and university relationships that help founders inform and accelerate go-to-market strategies. For more information, visit www.techsquareventures.com or follow Tech Square Ventures on LinkedIn or Twitter @techsquarevc