Rheaply, a Chicago, IL-based climate tech company that combines a resource-sharing network with a asset management platform, raised $8M in a Series A funding.
The round was led by High Alpha, with participation from 100 Black Angels & Allies Fund, Concrete Rose Capital, Hyde Park Angels, M25, MCJ Collective, Morgan Stanley Multicultural Innovation Lab, Revolution’s Rise of the Rest Seed Fund, and Salesforce Ventures.
The company intends to use the funds to further invest in carbon- and sustainability-related reporting features, implement user sharing controls, and improve the UI framework to support a materials marketplace.
Led by Dr. Garry Cooper, CEO, Rheaply provides a platform that eliminates potential waste by instituting the principles of a circular economy, a model that emphasizes designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.
The technology solution combines an asset management system with an online marketplace, Rheaply’s Asset Exchange Manager (AxM)™, which enables organizations to manage and transact physical assets more effectively, eliminating unnecessary waste and spend.
To date, the company has enabled organizations to divert over 14.5 metric tons of waste and produce $1.6M in cost savings via over 5,000 transactions. The company also recently partnered with the City of Chicago and World Business Chicago to address critical PPE shortages among the small business community during the COVID-19 pandemic.
Since the start of 2021, Rheaply has formed partnerships with a number of large organizations, including Museums in the Park (a coalition of prestigious Chicago museums), Rutgers University Medical Campus, and Allina Health, in addition to recently joining the Ellen MacArthur Foundation Member Network. In the year ahead, the company will focus on its involvement in the Circular Chicago Coalition, a group of national and local organizations who are working to make Chicago a locally productive, circular-focused city.