We are thrilled to announce a major milestone at Rheaply!
The dedication and passion from the Rheaply team and our supporters has positioned our resource exchange platform to raise $20 million in a new inter-series funding round. This funding allows us to continue innovations toward making the world’s resources more discoverable, transferable, and valuable in the global economy.
This funding round is anchored by Revolution’s Rise of the Rest Seed Fund, chaired by AOL co-founder Steve Case. “Rheaply is not just scaling a great company in the ever-growing Chicago tech ecosystem,” said Case, “it is developing a critical solution for businesses that are trying to effectively use and recycle physical resources while also combating climate change.”
Additional investments came from the John Doerr Family Trust, Coupa Ventures, PSP Growth, Rankin Family Ventures; and executives, including Joe Thomas (CEO & co-founder of Loom). Existing investors, including High Alpha, Salesforce Ventures Impact Fund, Emerson Collective, Techstars, and HPA, also returned to participate.
What’s next for Rheaply?
It’s long been our belief that the traditional take-make-waste linear economic model of production and consumption hinders our chance to reduce the effects of global warming. That’s why we’re attacking the largest untapped opportunity for reducing carbon emissions through scaling the circular economy.
We want every organization to think more about the carbon emitted during the manufacturing process, as well as the carbon associated with everything from office chairs and desks to the building materials associated with structures. Scaling the visibility and transferability of these items, and allowing organizations to measure the value, can provide the triple bottom line win with reductions in purchase price, waste, and embodied carbon emissions.
With this funding, we intend to bring forward a solution that will give organizations the means to control their carbon emissions on the back end of a resource’s lifecycle. This solution will arm companies with value-adding tools for reuse and disposition.
Paired with our circular consulting offering and partnership program, these elements will enable organizations to recirculate resources in a streamlined way and thus save money and make meaningful progress toward carbon emissions targets.
Additionally, this funding will allow our company to continue focusing on building a just and inclusive circular economy that aims to circulate capital while connecting people and communities into flows of value.
For more information on the historic fundraise, read the lead story on Axios.
Resources we think you'll love:
This Neuroscientist Built a Business by Reducing Waste. Steve Case Is Betting Millions It Will Work