CHICAGO, May 12, 2023 — IT company Mitgo announced an investment into the mindfulness, meditation, and sleep quality mobile app, Practico. The US version, “Urso”, is expected to roll out by the end of Q2, 2023, supported by Mitgo’s Chicago office.

The meditation and mindfulness market is booming, with revenues forecasted to reach $17.5b USD by 2030. Practico’s founders, Anton Shayakhov, Dima Afonin, and Daniel Kosinsky, developed the app in 2019, achieving 300K downloads and 20K subscriptions. The trio decided to enter the US market, where they found it to be competitive and oversaturated. To stand out, they opted for gamification.

In 2022, Practico’s founders decided to fuse mental-health apps and mobile gaming, incentivizing participation and rewarding progress. This required a total app rebuild, and that’s when Mitgo came in as an investment partner to aid with product development and business scaling.

“We want to do things differently. We want the app to truly engage the user. So, we’re planning a significant pivot for our app: lots of gamification, 3D graphics and all sorts of new features. With new investments, we will expand the team and launch an application that we believe will greatly change the mindfulness market. This app will show you that even non-gaming practices like meditation can be really exciting. Users will see clear progress in their awareness and, most importantly, become happier,” Anton Shayakhov, co-founder and CEO of Practico.

Mitgo brings its startup development experience and venture capital network to attract additional investments and accelerate the project. The new app, “Urso”, aims to set a clear path to “becoming a better self”, offering self-care tools and techniques. Users are guided along this path by virtual characters who introduce them to digital worlds, leading them through various aspects of mindfulness and rewarding achievements.

The app uses a Tamagochi-like approach, appealing to users’ instincts to care for their digital avatar’s wellbeing. This innovative combination of mindfulness and gaming attracted Mitgo’s interest.

“We believe in innovative products with great business potential. Practico’s new app could be exactly this – making it easier for consumers to understand, download, use, and benefit,” Alexander Bachmann, CEO of Mitgo.

Mitgo’s investment in Practico is part of a massive $100 million investment plan aimed for completion by 2025. The capital will be spent on developing regional infrastructure and businesses, with a significant portion dedicated to investments in promising projects like Practico.

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SOURCE Mitgo

BEIJING, May 12, 2023 — From May 8^th to 10^th, 2023, the 12^th Annual Investment Meeting (AIM) was held in Abu Dhabi, the capital of the United Arab Emirates. Ge Jun, Global CEO of TOJOY Shared Holding Group, was invited to talk about the investment paradigm shifting brought by global technological breakthroughs, climate change, pandemic impact and geopolitical tensions.

“Given the size of the market, the context of government initiatives to pursue sustainable development and improve people’s health and well-being, China’s economic field has burst out with great potential. Ge Jun emphasized at the Global Leaders Debate panel which was held at the opening session.

Ge Jun cited Hurun’s 2023 Global Unicorn List as an example. Currently, there are around 1,300 unicorns in the world, of which 666, or 48% come from the United States and 316, or 23% are from China. According to Ge Jun, despite the gap between the two countries in terms of quantity, unicorns in China, after combining their market size and market value, are of similar scale to their US counterparts. This undoubtedly proves the great potential of Chinese unicorns.

“This round of global epidemic has stimulated people’s concern for health and investment in health.” Ge Jun said that the outline of the “Healthy China 2030 Plan” issued by the Chinese State Council has set a clear target of 16 trillion yuan of investment by 2030. The healthcare industry will usher in unprecedented opportunities for its development in China. At the same time, China is an advocate and leader of the dual-carbon economy. This will also release huge market opportunities for global investors.

In the keynote speech during the China-Arab Unicorn Summit, Ge Jun shared the topic of SME innovation based on his own experience, which attracted wide attention from global investors and entrepreneurs.

Before joining TOJOY, Ge Jun served as Global Vice President of Intel, Apple and Nvidia, three of the Global Fortune 500 companies, and had unique views on the development of global technology enterprises and business model innovation. When citing Apple as an example, Ge Jun mentioned that Apple’s advantage is the establishment of a “super platform” for developers. Such platform has helped tens of millions of APP developers in the world grow rapidly and help them expand their products to the world.

“For start-ups, their advantages are often focused on product capabilities and innovative technologies, but they lack relevant industrial resources and market base”

Ge Jun introduced TOJOY, a company with 32 years of experience in enterprise acceleration and has a tremendous industrial resource pool. The core business of TOJOY is to provide high-quality innovative enterprises with acceleration engines and help realize their business transformation.

Up to now, TOJOY’s platform has gathered more than 2.8 million SME owners and over 18,000 potential innovative enterprises, of which 160 are being accelerated.

“In China, about 10,000 innovative enterprises need various resources to support their development every year, and 10 million traditional SME owners to transform and upgrade. That requires empowerment from shared platforms, which is our responsibility.”.

Ge Jun’s speech was widely praised among the participants, and will enhance investors’ confidence in investing and running businesses in the Chinese market.

Photo – https://mma.prnewswire.com/media/2076037/image_846138_50298848.jpg 
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SOURCE TOJOY SHARED HOLDING GROUP

BEDFORD, Mass., May 12, 2023 — Sealonix announced today that it has closed a $20 million Series A financing. The round was led by Excelestar Ventures with additional participation from AMED Ventures, Sparta Group, Iyengar Capital, J2 Ventures and TiE Boston.  

Sealonix is using its biomaterials expertise to develop next generation hemostatic sealants for surgical use. The initial product that Sealonix is developing is a sealant patch providing rapid hemostasis for abdominopelvic and orthopedic procedures. The PramStat patch is designed to bioabsorb within a week following implantation. The proceeds from this round will be used to grow the development team and execute clinical trials.

Dr. William Spotnitz, Professor of Surgery at the University of Virginia Health System with over 20 years in hemostat device research, noted, “Obtaining hemostasis with existing approved devices during surgical procedures can be a challenging and time-consuming task. The PramStat patch has the potential to drastically reduce this time as well as instill confidence in the durability of the hemostatic seal.”

“At Excelestar, we are excited to partner with Sealonix’s experienced team to bring this next generation hemostatic sealant to market,” said Tasneem Dohadwala, Founding Partner at Excelestar Ventures, who will also be joining Sealonix’s Board of Directors. 

Amar Sawhney, Sealonix CEO, commented, “The PramStat patch builds on many years of research done by this experienced team, and now will move rapidly into clinical development. This capital will allow us to complete clinical development and pursue FDA approval. We look forward to bringing the most advanced device and method to control surgical bleeding to surgeons.”

About Sealonix, Inc:
Sealonix, Inc. is a privately held company based in Bedford, MA focused on the development and commercialization of hemostatic sealants using its proprietary biomaterials. The company, founded in January 2023, is the latest by serial entrepreneur Amar Sawhney who also founded Confluent Surgical, Ocular Therapeutix, Augmenix,, Instylla, and Rejoni among others. More information about Sealonix can be found at http://www.sealonix.com 

About Excelestar Ventures
Founded in 2009, Excelestar Ventures  invests in disruptive businesses led by under-represented founders including minorities and women. Excelestar Ventures generally invests in a strong team leading a B2B company, either in tech or medical devices, that has a clear, disruptive technology. www.excelestarventures.com

SOURCE Sealonix Inc

Diana Hrisovescu and Shay McDonnell Will Use the $100,000 O’Shaughnessy Fellowship Grant to Develop Script, Which Enables Individuals to Access Government Support Digitally, on a User-Friendly Platform and in Their Native Language

GREENWICH, Conn., May 12, 2023 — O’Shaughnessy Ventures LLC (“OSV”), an investment firm that empowers creators, has announced that it has awarded an O’Shaughnessy Fellowship to Diana Hrisovescu and Shay McDonnell. 

Hrisovescu and McDonnell will use their $100,000 fellowship grant to develop Script. Script aims to enable a greater number of individuals to access social welfare resources and entitlements. It will help immigrants, refugees, asylum seekers, and minority groups access government support digitally, on a user-friendly platform, and in their native language.

OSV’s founder and CEO, Jim O’Shaughnessy, commented as follows:

“Diana and Shay are both impressive individuals who have achieved a huge amount at a young age. We’re excited to support them in their mission to address language disparities and enhance digital accessibility to social welfare resources. The potential social benefits have already been demonstrated by Script’s fantastic work helping Ukrainian refugees arriving in Ireland.”

Hrisovescu said, “We are excited to use the $100,000 fellowship grant to advance language equality and enhance digital accessibility for social welfare resources as fast as possible!”

Script was founded as a SciFest project in January 2020. Hrisovescu was 16 years old at the time. It was subsequently accepted into several accelerator programs. During one such program, Script supported Ukrainian refugees arriving in Ireland. It was later selected as a “30 under 30” Irish business in the Irish Independent’s December 2022 issue.

More information about Script is available on its website. 

About Hrisovescu and McDonnell

Hrisovescu moved to Ireland from Romania aged 14. She learned English in only three months to help her brother access medical support. 

Hrisovescu taught herself web development by building websites from the ground up and has taught children aged 7-18 how to code via the CoderDojo community. She is also a member of Teen-Turn, an organization aiming to provide teen girls with hands-on STEM experience.

Hrisovescu now attends Trinity College Dublin (“TCD”), where she studies Computer Science with Business.

McDonnell also attends TCD, studying Computer Science with Linguistics. He began programming aged 13 and, by leveraging online resources, gained experience developing various Android mobile apps, games, and websites. He joined Script as co-founder and lead technical engineer in April 2022.

About the Fellowship Program

OSV launched the Fellowship Program in 2023. It is a one-year program for ambitious people who want to build something great. Fellows receive a $100,000 grant and access to OSV’s network of founders, investors, and experts to support them in bringing their projects to life. 

OSV has awarded seven Fellowships previously and will award twelve in total. Applications for the Fellowships remain open through May 2023. Creators interested in applying can do so via OSV’s website.

About O’Shaughnessy Ventures

OSV is a creative investment firm that empowers and inspires creators to bring their ideas to life. Founded by Jim O’Shaughnessy, a pioneer in quantitative investing, founder of O’Shaughnessy Asset Management, and author of four books on investing, OSV aims to provide financial support and to partner in growing the next life-changing creative ideas. 

OSV combines Jim’s deeply rooted interest in all things art, science, investing, and tech with his long-held desire to establish scenarios designed to help promising creators and their inspiring ideas succeed, regardless of age, location, job history, or level of education. For more information, visit https://www.osv.llc/.

Media Contact:
Ena Gong
O’Shaughnessy Ventures LLC
(917) 355-7420
[email protected]

SOURCE O’Shaughnessy Ventures, LLC

Initiated and backed by the Embassy of Slovenia in Israel, Slovene Enterprise Fund, SPIRIT Slovenia, the European Fund for Regional Development of the European Union, the second cohort will be held in Tel Aviv between June 12th-15th.

Up to 8 Slovenian startups will be selected for the program and arrive in Israel looking to connect to the Israeli tech ecosystem, investors, industry, and research organizations.

TEL AVIV, Israel, May 12, 2023 Arieli Capital was recently selected to lead a second cohort of the innovation program, which will take place in Tel Aviv on June 12th-15th. 8 Slovenian startups will visit the Israeli market and connect with Israeli investors, industry leaders, academics, and technology companies.

The first cycle of the program was launched in 2021 and included 9 Slovenian startups participating in hundreds of meetings and events with Israeli industry leaders as well as research and investment organizations. Thanks to the program, Israel and Slovenia strengthened their economic ties and advanced agriculture, business, and trade delegations.

The second program is spearheaded by the Slovenian Embassy in Israel, Slovene Enterprise Fund, SPIRIT Slovenia, and the European Union, and will include a long list of meetings and speakers from key organizations in the Israeli innovation industry including APM Law Firm, EIT, SNC, IIA, Startup Grind, Slovenia Israel Chamber of Commerce, Italy Israel Chamber of Commerce, CheckPoint, Amadeus, The Hebrew University, Frontier Agritech Innovation Center, Shaare Zedek Hospital’s commercialization department and more.

The program’s final event will be attended by an official delegation of Slovenia’s Ministry of Economy, Tourism, and Sport, Slovene Enterprise Fund, and SPIRIT Slovenia, leading Slovenian government institutions in charge of the internationalization of companies.

During the program, each startup will have a customized work plan based on its technological and business needs aiming to help startups advance business partnerships, pilots, clinical trials, joint research, and connections with investors.

Andreja Purkart Martinez, Ambassador of Slovenia in Israel: “Slovenia and Israel are both advanced countries with technological backgrounds and capabilities, as well as a shared vision for a better future. It is great to see the accelerator program grow and continue to promote the strategic cooperation between the Slovenian and Israeli innovation ecosystems.”

Or Haviv, Partner and Head of Innovation at Arieli Capital: “Europe’s innovation industry is growing rapidly. The EU is investing heavily in research, academia, and technology, recognizing that an investment in innovation is an investment in the economic and social future of its communities. The Slovenia–Israel startup accelerator introduces a new deal flow of technology companies, business collaborations, and investments, and in return introduces new markets and growth opportunities for Slovenian startups. We are excited to launch the second cycle of the Slovenia–Israel startup accelerator and keep strengthening the social and economic ties between Slovenia and Israel.”

About Slovene Enterprise Fund:

SEF is a leading provider of bank loan guarantees, a central provider of microcredit for micro and small businesses, an active co-creator of the startup ecosystem in Slovenia to achieve the global success of start-ups, a key co-investor of seed and venture capital in Slovenia and an integrator of corporate networks in the international environment.

About SPIRIT Slovenia:

SPIRIT Slovenia Business Development Agency is a single point of contact for businesses and investors looking for new opportunities. The agency’s chief tasks include promotion of Slovenia’s companies abroad as well as promoting Slovenia’s advantages as an FDI location. SPIRIT Slovenia helps both Slovenian companies to increase their exports and international companies to invest and expand in Slovenia and beyond.

About Arieli Capital:

A US-based holding and investment company. Our mission is to build multi-generational wealth by increasing our technology footprint worldwide. Arieli Capital focuses on two main activity pillars: Capital – backed by multi-generation family offices, Arieli invests in prominent cross-vertical and impact-driven startups and funds; Innovation – Arieli is trusted by governments, leading global corporates, and funds to design and conduct official innovation programs, creating an international pre-screened deal flow, market expansion, and investment opportunities while acting as a social and economic growth engine.

Media Contact:
Ella Alfasi
VP Operation
[email protected]

SOURCE Arieli Capital

MOUNTAIN VIEW, Calif., May 12, 2023 — Angeles Investors – the investment community on a mission to find, fund, and grow the most promising startup ventures – is pleased to announce the top 100 startups in the US with Hispanic or Latino leadership. Awardees will be recognized today during the Angeles Q2 Pitch Night Event & Awards, sponsored by J.P. Morgan. (view a full list of 2023 Angeles 100)

The Angeles 100 celebrates a collection of inspiring venture-backed startups driving innovation. These startups have built, or are building, great companies of the exact kind Angeles supports and invests in. This year’s honorees exemplify how startup founders are driving business forward and setting their organizations up for success.

The 2023 awardees were nominated and selected based on their having secured funding (seed through Series E), the founder, co-founder, and/or board member being of Hispanic or Latin descent, being incorporated in the United States and their ability to show year-over-year growth.

“We’re excited to be back for a second year at the Computer History Museum in California to celebrate great business achievements, exceptional leadership, create new partnerships, and for the opportunity to learn from top investors and entrepreneurs driving the venture capital landscape,” said David Olivencia, Angeles Investors CEO.

Angeles Investors will celebrate the top 100 startup ventures with Hispanic and Latino leadership, called the Angeles 100, during the Angeles Q2 Pitch Night Event & Awards this evening at the Computer History Museum in Mountain View, California.

Join the celebration virtually or in person. Tickets to this event may be purchased online. Media are invited to attend.

We are now accepting nominations for our 2024 Angeles 100 award. Click here to apply. 

Angeles Investors is one of the largest and fastest growing Angel Investing groups in America that brings together people from all ethnicities and backgrounds across the country to support Latino and Hispanic entrepreneurs in building the next great companies.

SOURCE Angeles Investors

Investment includes addition of 18 new partners to growing network of nonprofits

SEATTLE, May 11, 2023 — The REI Cooperative Action Fund is announcing a $4 million investment in 40 nonprofit organizations collectively creating a more equitable outdoors. This investment includes the addition of 18 new organizations to the Fund’s growing nationwide network of nonprofit partners, as well as renewed support for 22 existing partners. As a community-supported nonprofit, the Fund is fueled by donations from REI Co-op, its customers, members, and employees, as well as corporate partners, and foundations. Since the Fund’s launch in 2021, more than 800,000 people have donated.  

“This new investment is our largest to date, demonstrating the power of our community when we come together to make a positive impact,” said Kristen Ragain, REI Cooperative Action Fund managing director. “This generosity has allowed us to continue funding our existing partners, while engaging new organizations that strengthen the health and well-being of people and communities through time outside.”

The Fund exists to bring together the collective strength of the co-op community. The Fund announces new investments each year in the spring and the fall to provide unrestricted funding to nonprofit partners across three specific areas: connecting people outside, creating space outside, and centering health outside. New grantees are recommended in part by local REI employees, peer funders, the general public, and government organizations.

Connecting people outside
The Fund supports outdoor-focused organizations that are led by and serve Black, Indigenous and people of color, the LGBTQ+ community, people with disabilities, women, and low-income communities. New grantees include:

• Bikes Not Bombs uses the bicycle as a vehicle for social change to achieve economic mobility for Black and other marginalized people in Boston and the Global South. (Boston, $100,000)
• Hike Clerb is equipping Black, Indigenous, women of color with the tools, education, resources and experiences they need to collectively heal in nature from Los Angeles and beyond. (Los Angeles, $100,000)
• Latinas en Bici exists to improve the social and physical well-being of Latinas through weekly bike rides and multicultural events. (Rogers, Arkansas; $100,000)
• River Newe promotes intergenerational learning experiences within Shoshone Bannock Traditional Knowledge and Teachings in their traditional spaces, places, wild landscapes and rivers through four values: honor, protect, restore, and heal. (Fort Hall Reservation, Idaho; $100,000)

Creating space outside
The Fund supports efforts to increase equitable access to outdoor spaces and recreation opportunities, with a specific focus on community-led solutions that bring environmental benefits closer to home for marginalized communities. New grantees include:

• Ancestral Lands Conservation Corps is a program of Conservation Legacy that leads Native American nations back to ecological and cultural well-being by engaging local Indigenous youth in conservation projects on public and ancestral lands. (Albuquerque, New Mexico; $100,000)
• Caracara Trails supports a vision for a 428-mile trail network that will link the natural, cultural, and historical resources of communities in the Rio Grande Valley, while promoting healthier lifestyles and generating community pride for everyone who lives there. (Brownsville, Texas; $100,000)
• Groundwork USA is a national network of environmental justice organizations that works hand-in-hand with marginalized communities to transform neglected land and waterways into community assets, like parks, trails, and community gardens, that meet their environmental, social, economic, and health priorities. (Harrison, New York; $100,000)
• Ohio River Way seeks to boost the health, stewardship, and economies of struggling communities along the Ohio River through outdoor recreation, education, and tourism. (Cincinnati, Ohio; $100,000)
• Rails to Trails supports the 3,700-mile cross-country Great American Rail Trail that will run from Washington state to Washington D.C. The project will support equitable and inclusive trails to 50 million Americans in 12 states across the country.  (Washington, D.C.; $100,000)
• Ríos to Rivers inspires the protection of rivers worldwide by investing in underserved and Indigenous youth who are intimately connected to their local waters and support them in the development as the next generation of environmental stewards. (Aspen, Colorado; $100,000)
• The Singing River Trail will be a more than 200-mile greenway system that strengthens regional bonds, and creates new health and wellness, educational, economic, tourism, entrepreneurial, and workforce opportunities for the people and communities of North Alabama. (Huntsville, Alabama; $100,000)

Centering health outside
The Fund supports efforts to strengthen and amplify scientific research, and support Traditional Ecological Knowledge to demonstrate that time outside improves mental, physical and emotional health and well-being. New grantees include:

• Campus Nature Rx is a coalition of over 50 colleges and universities dedicated to supporting campus mental and physical health through inclusive and equitable nature engagement programming, trainings, communications, and research. (Ithaca, New York; $150,000)
• The Center for Health & Nature is a collaboration between Houston Methodist, Texan by Nature and the Texas A&M Health Science Center that aims to drive research to study the impact of nature on health with evidence-based programs that complement the full continuum of health care. (College Station, Texas; $150,000)
• The Center for Nature Immersion and Practice at Colorado State University improves the impact of current nature-based programming and the quality of empirical research on nature and human wellbeing through a unique model of co-creation with nonprofits. This enables partners to collect scientific data themselves, which both expands current scientific knowledge and evaluates programs. (Fort Collins, Colorado; $150,000)
• The Institute for Agroecology (IFA) at the University of Vermont aims to confront inequity, foster human and ecological wellbeing, and support dignified livelihoods through research, learning and engagement. IFA recognizes emergent intersections with public health and human behavior, and is committed to advance agroecology, nature and health. (Burlington, Vermont; $150,000)
• Park Rx America aims to decrease the burden of chronic disease and increase health and wellness in marginalized communities by working with healthcare providers to incorporate nature prescriptions. (Washington, D.C.; $150,000)
• The Trauma Foundation supports the healing of unresolved trauma by developing and funding programs, initiatives and research focused on innovative approaches to support mental/behavioral health and trauma recovery. Funding will support the Pathways Nature Healing Program, which is the first nature based direct service program that can be sustainably funded through insurance, Medicaid and Medicare reimbursements. (Bainbridge Island, Washington; $150,000)

The Fund also provided support for the philanthropy sector with a grant for the Environmental Grantmakers Association. For a full list of grantees, visit REIFund.org/grantees. In 2022, the Fund invested a total of $3.4 million in nonprofits.

As an independent, 501(c)(3) organization, the Fund is led by its own board of directors with the support of a dedicated staff and compensated community advisors, who are respected leaders focused on access and equity in the outdoors. REI Co-op continues to provide ongoing support for the Fund’s operations and grantmaking. Anyone can participate in the Fund’s mission from direct donations to recommending a grantee. 

About the REI Cooperative Action Fund
The REI Cooperative Action Fund is a 501(c)(3) public charity launched in 2021 by REI Co-op to create a more equitable outdoors by bringing together the collective strength of the co-op community. The Fund aims to inspire millions of REI members, thousands of REI employees, and hundreds of nonprofit partners and community leaders to support organizations that are improving the well-being of all people through time outside. With ongoing support from REI Co-op, 100% of donations from the general public to the Fund go to the people and organizations leading this work in communities across the country. 

About the REI Co-op
REI is a specialty outdoor retailer, headquartered near Seattle. The nation’s largest consumer co-op, REI is a growing community of 23 million members who expect and love the best quality gear, inspiring expert classes and trips, and outstanding customer service. REI has 181 locations in 42 states and the District of Columbia. If you can’t visit a store, you can shop at REI.com, REI Outlet or the REI shopping app. REI isn’t just about gear. Adventurers can take the trip of a lifetime with REI’s active adventure travel company that runs more than 100 itineraries across the country. In many communities where REI has a presence, professionally trained instructors share their expertise by hosting beginner-to advanced-level classes and workshops about a wide range of activities. To build on the infrastructure that makes life outside possible, REI invests millions annually in hundreds of local and national nonprofits that create access to—and steward—the outdoor places that inspire us all.

SOURCE REI Co-op

ATLANTA, May 11, 2023 — Cloverly, a technology powered climate action platform, today announced that it has raised a $19 million Series A funding round.  The investment was led by Grotech Ventures, a leading global technology investor, and joined by other leading firms including Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital, and supported by existing investors including Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures.  This financing will fund the further development of Cloverly’s industry-leading digital infrastructure for the voluntary carbon markets, including the new supplier platform, helping buyers, suppliers, and nearly any other company to easily scale their impact. The Series A will also support tripling Cloverly’s team and launching a second headquarters in London in order to accommodate global customer demand. 

Innovation Within a Critical Industry
According to the Intergovernmental Panel on Climate Change (IPCC), “The deployment of carbon dioxide removal (CDR) to counterbalance hard-to-abate residual emissions is unavoidable if net zero CO2 or GHG emissions are to be achieved.”  The voluntary carbon market (VCM) represents a critical mechanism for driving immediate climate action by addressing unavoidable emissions today in parallel to the large-scale emissions reductions required to avert climate change in the future.  In order to reach global emissions targets, the National Academy of Sciences states that an additional 10 billion tonnes of carbon dioxide must be removed annually by 2050.  This pressing need is fueling incredible growth for these markets, expected to reach between $50 billion dollars by 2030 according to McKinsey and the Taskforce on Scaling Voluntary Carbon Markets.  However, despite the growth and urgency, the VCM lacks many of the fundamental elements required to drive meaningful impact at scale. 

Cloverly has been addressing these problems surrounding access, ease, trust, and transparency since its inception as the first API in the world for carbon credits and the company has grown to become the leading digital infrastructure powering the VCM, partnering with global leaders such as American Express, Salesforce, Visa, more.  Businesses can quickly scale their climate action by directly purchasing quality carbon removals or by embedding the Cloverly technology into their own products, services, or supply chains.  Project suppliers can also scale by leveraging the Cloverly Marketplace™ as well as Cloverly’s supplier software that enables them to manage critical commercial operations such as inventory management, multi-channel distribution, and the tracking of credit sales.  The new supplier platform offers credits from innovative suppliers such as Tradewater, Therm,  KOKO Networks,  CarbonCure.

“Cloverly has been such a strong champion as we look to scale our distribution of carbon credits,” added Rahul Misra, CarbonCure’s Head of Carbon Product and Operations. “The value they provide both by showcasing our solution and via their genuine partnership is important as we navigate the very dynamic voluntary carbon market and engage with a diverse range of credit buyers.”

The Market Demand
Consumer spending data supports not only the environmental imperative to scale climate change but also the public demand to incorporate sustainable choices into our lives.  A 2022 NielsenIQ report shows 30% of consumers are more likely to purchase sustainable products and a 2022 report from the Wharton School of Business highlights that two thirds of consumers are willing to pay more for sustainable products.  Incorporating climate action into user experiences and product roadmaps is one of the greatest opportunities businesses can leverage to meet this proven market demand.

“We cannot wait – we need to act now,” shared Jason Rubottom, CEO of Cloverly.  “The importance of the voluntary carbon market demonstrates an unprecedented demand for solutions that allow both businesses and consumers to actively contribute to critical climate action.  Cloverly is uniquely positioned to facilitate that engagement and this funding round represents that.”

“Through our due diligence, we spoke to many of Cloverly’s customers.  We were struck by the passion they had for Cloverly’s product and team,” recalled Lawson Devries, general partner at Grotech Ventures.   “It became clear that Cloverly has not only established itself as a global leader in a large market but that they were bringing real value to their stakeholders and positively impacting the larger fight against climate change.  We are excited to be a part of that.” 

“It has been remarkable to watch Cloverly evolve since its seed round,” reflected Vasant Kamath of Tech Square Ventures, the original lead investor in the company.  “Seeing both the product and team rapidly grow into a world-class player in just a few short years is a testament to their continued innovation to meet this critical market need.” 

About Cloverly
Cloverly launched as the first API for carbon credits and now is the most advanced digital infrastructure powering the voluntary carbon markets.  With a mission to scale high-impact climate action, Cloverly is now trusted by 200+ enterprises worldwide spanning financial services, technology, ESG / carbon accounting, supply chain, eCommerce, and more, with dozens of the leading project developers and suppliers leveraging the Cloverly platform to manage their carbon credit operations.  For more information, visit http://launch.cloverly.com/home .

About Grotech Ventures
 Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the technology landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1.0 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit http://www.grotech.com.

Media Contact: 
[email protected] 

Logo – https://mma.prnewswire.com/media/1557052/Cloverly_Logo.jpg

SOURCE Cloverly

ATLANTA, May 11, 2023 — Greenlight Commercial Funding, a private finance company, has announced its completion of a joint venture valued at $500 million for their corporate debt financing guarantee program. Greenlight Commercial Funding invests the necessary capital into the preferred equity of small businesses that will be utilized to guarantee debt financing. 

Greenlight Commercial Funding offers this unique financial program to companies seeking debt-based financing. With an influx of clients since the beginning of this program in 2022. Greenlight Commercial Funding sought to expand through this $500 million joint venture with CLS Capital Holdings LLC to continue to provide their financial guaranty program in response to the ever-growing demand from companies interested in this unique financing opportunity. Dr. Beadle, Managing Partner “Our partnership with CLS Holdings LLC allows us to directly decision and fund our clients request based on our internal underwriting this is a game changer.”

This joint venture will allow Greenlight Commercial Funding to fulfill the demand for debt financing solutions in an increasingly strained capital market. In addition, Greenlight Commercial Funding will be able to increase the number of businesses it assists through this guaranty program. The need for financing of debt and equity solutions in today’s market is immense and though the aid of its joint venture partner CLS Capital Holdings LLC, Greenlight Commercial Funding can provide an immediate solution to a monumental problem plaguing the commercial loan industry.

About CLS Capital Holdings LLC

CLS Capital Group LLC, parent company of CLS Capital Holdings LLC, (“CLS”), formed in 1993, provided personal and commercial debt-based funding solutions to borrowers in various areas of finance. Since the 2008 financial crisis, CLS ventured into asset management activities for numerous high net worth individuals and family offices. Through this change in direction, CLS has forged strategic alliances with venture capital funds, private equity firms, investment banks, top financial institutions, and accredited investors, CLS has a solution for most any funding request. Ray Uballe, the President and Founder of CLS Capital Holdings LLC described this joint venture as “An equity solution for Greenlight Commercial Funding, and a great chance for CLS to work alongside a company that is also an experienced player the debt equity space for company’s looking seeking Mergers & Acquisitions, Investment Banking, and Capital Formation.”

About Greenlight Commercial Funding

Greenlight Commercial Funding is one of the most resourceful and dedicated teams of commercial funding companies in the industry. They are a client-driven commercial finance firm serving borrowers inquiring about commercial capital. Offering a wide variety of debt and equity financing for income producing properties, Greenlight Commercial Funding has earned an industry wide reputation for making commercial investments a reality for clients. With a high business volume, the company is privileged with the position of securing preferential or private loan products for clients.

Contact
Dr. Alexander C. Beadle II
[email protected]
(770) 990-7939

SOURCE Greenlight Commercial Funding