The startup, which launched in 2015, already works with San Francisco, the University of Chicago and other organizations to help them manage their resources and cut down on waste, emission and purchase costs. For instance, that could mean using the platform to spot an opportunity to take materials from a deconstructed building in one part of a city to a new construction site, saving the costs and potential waste of bringing in new materials.
Rheaply describes itself as a resource exchange platform focused on “reusing workplace resources,” according to the statement announcing the new funding round.
Reusing those resources can make a dent in carbon emissions if practiced by enough public agencies, companies and other organizations, the company said. In fact, the company has launched a new estimated embodied carbon avoidance feature on the platform.
In a recent interview with Government Technology, company co-founder and CEO Garry Cooper Jr. talked about how the idea for Rheaply came during his doctorate studies in neuroscience, when he noticed that some lab resources such as microscopes and chemicals weren’t always used and shared in the most efficient ways.
The new funding round included Revolution’s Rise of the Rest Seed Fund, the John Doerr Family Trust, Coupa Ventures, PSP Growth, Rankin Family Ventures, High Alpha, Salesforce Ventures' Impact Fund, Emerson Collective, Techstars and Hyde Park Angels.
The fresh capital will go toward scaling the company’s technology, developing its consulting services and bringing on more partners, according to the statement. Rheaply also will expand its work with Illinois-based utility Nicor Gas.
“As a Black founder, I am proud to have achieved this funding milestone,” Cooper said in the statement. “However, the takeaway I want to emphasize is the fact that investors have recognized the incredible nature of the solution our team has built.”
