The $2.2 million inter-series funding round will support the development of carbon-related feature updates to Rheaply’s Asset Exchange Manager (AxM), helping companies measure carbon emissions savings from reuse to fuel the circular economy
In January, 2020, Microsoft announced a $1 billion Climate Innovation Fund for climate solutions that focus on carbon, water, waste, and ecosystems. Today, Rheaply is proud to announce that our technology is among one of those solutions, an indication that reuse and the circular economy is a clear path forward and a prioritization to address the threat of climate change. This investment also serves as an opportunity for other organizations to set and reach their own carbon-reduction targets, as Rheaply’s carbon-related updates to AxM will support many of the companies leading the way with ambitious emissions targets.
Rheaply will receive additional investments made by MIT Solve’s investment arm, Solve Innovation Future. MIT Solve’s philanthropic venture fund directs catalytic investments in early-stage social entrepreneurs, solving the world’s most pressing problems. Solve Innovation Future has brokered over $40 million in funding commitments, and this investment comes just a few years after Rheaply was selected into MIT’s Circular Economy Solver class.
“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.”
“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.
Learn more about Rheaply’s inter-series investment round with Microsoft’s Climate Innovation Fund and MIT Solve via the press release.