Rheaply, a US-based climate tech company that combines a resource-sharing network with a user-friendly asset management platform, has bagged US$2.2 million in an inter-series funding round led by Microsoft’s Climate Innovation Fund on 23 June 2021.

Investors: The investment round featured MIT Solve’s investment arm, Solve Innovation Future, in association with Microsoft’s Climate Innovation Fund. The company has raised US$ 12.7 million to date.

Purpose of the funding: Proceeds from the investment round will fund the development of carbon-related Rheaply feature updates to help businesses measure carbon emissions savings from reuse and fuel the circular economy.

About Rheaply

Rheaply Logo

Founded by Garry Cooper and Tyler Skeleton in 2015, Rheaply links professionals with resources and catalyzes the circular economy. Rheaply’s Asset Exchange Manager (AxM)TM, the sole market innovation that merges an asset management system with an online platform, allows businesses to systematically control and deal with tangible assets. The firm has aided enterprises in rerouting more than fifteen metric tons of waste. This, in turn, has helped to generate thousands of dollars in cost savings which has assisted in sustaining the circular economy. As of now, the company serves private businesses, educational institutes, and government firms, including MIT, Rutgers University, Barnard College, the U.S. Air Force, Google, AbbVie, Exelon, the University of Illinois at Chicago, and Washington University.

What the Founder has to say: “Considering Microsoft’s prestige as a leader in corporate sustainability endeavours, it feels privileged to partner with them. It is delightful to get investments from Microsoft and MIT Solve as we plan to transform the manner in which businesses see reuse attempts and encourage all personnel to ensure corporate net zero carbon and waste efforts.”- Garry Cooper, CEO and Co-founder of Rheaply.

What the Investors have to say: “Designing a path that would allow other organizations to trail us was evident when we set our company’s resolution to become carbon-free by 2030. It meant to invest in unique climate technology such as Rheaply’s. The addition of a carbon-reduction feature to Rheaply’s platform would allow organizations to meet carbon-mitigation targets through resource pooling.”- Brandon Middaugh, Director of Microsoft’s Climate Innovation Fund. “The purpose of establishing Solve Innovation Future was to bolster Solver teams’ endeavours and bring significant advancements in the world. It feels exciting to aid Rheaply in becoming a corporate leader, and to help Garry in fulfilling his dream of a circular economy for bringing a change.”- Casey van der Stricht, Principal at Solve Innovation Future.

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Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

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