Resource management

Resource management tech startup Rheaply raises $20 million

Based in Chicago Rheaplywhose platform helps cities, universities and businesses reduce their waste by connecting them to the “circular economyraised $20 million in a new funding round.

The startup, launched in 2015, is already working with San Francisco, the University of Chicago and other organizations to help them manage their resources and reduce waste, emissions and purchasing costs. For example, this could mean using the platform to spot an opportunity to transport materials from a deconstructed building in one part of a city to a new construction site, saving the cost and potential waste associated with supply of new materials.

Rheaply describes itself as a resource exchange platform focused on “reuse of workplace resources”, according to the statement announcing the new funding cycle.

Reusing these resources can reduce carbon emissions if practiced by enough public agencies, businesses and other organizations, the company said. In fact, the company has launched a new estimated embodied carbon avoidance function On the platform.

In a recent interview with Government technologyThe company’s co-founder and CEO, Garry Cooper Jr., explained how the idea for Rheaply came about during his doctoral studies in neuroscience, when he noticed that certain laboratory resources such as microscopes and chemicals were not always used and shared in the most efficient way. .

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 new capital will be used to scale the company’s technology, expand its consulting services and attract more partners, according to the statement. Rheaply will also expand its work with Illinois-based utility Nicor ​​Gas.

“As a black founder, I’m proud to have reached this funding milestone,” Cooper said in the statement. “However, what I want to highlight is the fact that investors have recognized the incredible nature of the solution that our team has built.”