Rheaply, a Chicago, IL-based climate tech company that combines a resource-sharing network with an asset management platform, raised $2.2m inter-series funding round.
The round was led by Microsoft’s Climate Innovation Fund, with participation from MIT Solve’s investment arm, Solve Innovation Future.
The company intends to use the funds to build carbon-based reporting into the platform, so companies can measure carbon emissions reductions as they utilize the platform.
Led by Garry Cooper, CEO, Rheaply provides an Asset Exchange Manager (AxM) platform that tracks inventory and depreciation, allowing users to visualize, quantify, and utilize surplus assets, or to dispose of them properly. The asset management system also offers facilitated peer-to-peer asset exchange, a gamified online marketplace, and sustainability metrics, enabling less waste and cost-effective reuse.
Now, the company will implement a multi-phase carbon product roadmap to align with key milestones and objectives defined in partnership with Microsoft. This will help organizations tie material reuse to carbon accounting and credit opportunities.
Rheaply’s platform currently services private enterprises, universities, and government entities, including the U.S. Air Force, Google, AbbVie, Exelon, MIT, Rutgers University, Barnard College, University of Illinois at Chicago, and Washington University in St. Louis.