Rheaply Closes $2.2 Million Inter-series Funding Round With Microsoft’s Climate Innovation Fund And MIT Solve
Investments Will Fund The Development Of Carbon-related Rheaply Feature Updates To Help Companies Measure Carbon Emissions Savings From Reuse And Fuel The Circular Economy
Rheaply, a climate tech company that combines a resource-sharing network with a user-friendly asset management platform, announced that it has raised a $2.2 million inter-series funding round led by Microsoft’s Climate Innovation Fund, with additional investments made by MIT Solve’s 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.
“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”
Rheaply’s 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 metrics—enabling 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. Rheaply’s platform will be the first to bring this metric to the B2B asset exchange technology market.
“Given Microsoft’s 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.”
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“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 Microsoft’s Climate Innovation Fund. “For us, that means investing in innovative climate solutions like Rheaply’s. 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 this—to 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. “We’re 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 company’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.
This funding continues to build on the company’s momentum and expansion and follows a recent $8 million Series A round in February 2021 led by High Alpha, and last year’s $2.5 million seed round.