Rheaply Closes $2.2 Million Inter-series Funding Round with Microsoft’s Climate Innovation Fund and MIT Solve – Business Wire

CHICAGO--(BUSINESS WIRE)--Rheaply, a climate tech company that combines a resource-sharing network with a user-friendly asset management platform, today announced that it has raised a $2.2 million inter-series funding round led by Microsofts Climate Innovation Fund, with additional investments made by MIT Solves investment arm, Solve Innovation Future. The investments will be directed toward building carbon-based reporting into the platform, so companies can measure carbon emissions reductions as they utilize the platform.

Rheaplys unique platform, Asset Exchange Manager (AxM)TM, maximizes the reuse, remanufacturing, and exchange of resources within and across organizations. The platform tracks inventory and depreciation, allowing users to better visualize, quantify, and utilize surplus assets, or to dispose of them properly. The transparent asset management system also offers facilitated peer-to-peer asset exchange, a gamified online marketplace, and sustainability metricsenabling less waste and more cost-effective reuse.

Now, Rheaply 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. Rheaplys platform will be the first to bring this metric to the B2B asset exchange technology market.

Given Microsofts status as a leader in corporate sustainability efforts, we are thrilled to be able to collaborate with them, said Garry Cooper, CEO and Co-founder of Rheaply. We are thrilled to have the support of Microsoft and MIT Solve as we work to change the way that organizations view reuse efforts and empower every employee to contribute to corporate net zero carbon and waste efforts.

When we set our company commitment to become carbon negative by 2030, we knew that we needed to chart a course that would enable other organizations to follow, said Brandon Middaugh, Director of Microsofts Climate Innovation Fund. For us, that means investing in innovative climate solutions like Rheaplys. By adding carbon-reduction insights to its circular economy platform, Rheaply will make it possible for organizations to set and reach carbon-reduction targets through resource sharing."

Solve Innovation Future was created for opportunities such as thisto provide catalytic support to our Solver teams efforts and advance real, impactful change in our world, said Casey van der Stricht, Principal, Solve Innovation Future, the investment arm of MIT Solve. Were excited to help position Rheaply as the industry leader in accountable, measurable impact for reuse through carbon-based reporting, and to support Garry on his vision of a shared and circular economy for innovation.

To date, Rheaply has helped organizations divert over 15 metric tons of waste and produce millions of dollars in cost savings over 5,000 transactions to help fuel the circular economy. The companys 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.

This funding continues to build on the companys momentum and expansion and follows a recent $8 million Series A round in February 2021 led by High Alpha, and last years $2.5 million seed round.

About RheaplyRheaply is the technology for connecting professionals with resources and catalyzing the circular economy. As the only market solution that combines an asset management system with an online marketplace, Rheaplys Asset Exchange Manager (AxM)TM enables organizations to manage and transact physical assets more effectively, eliminating unnecessary waste and spend. To learn more about Rheaply, visit rheaply.com or follow @RheaplyInc.

For career inquiries, contact careers@rheaply.com.

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Rheaply Closes $2.2 Million Inter-series Funding Round with Microsoft's Climate Innovation Fund and MIT Solve - Business Wire