Asset Management Platform Company Rheaply Raises $2.5 Million

By Dan Anderson ● March 18, 2020
  • Rheaply, a company that combines a resource-sharing network with a user-friendly asset management platform, announced it raised $2.5 million in a seed round of funding

Rheaply, a company that combines a resource-sharing network with a user-friendly asset management platform, announced it raised $2.5 million in a seed round of funding led by Hyde Park Angels with participation from Concentric Equity Partners, M25, Techstars Ventures, and individual angel investor Walter Winshall.

With this round of funding, it will enable Rheaply to further invest in the platform and build out its engineering, product development, and marketing teams. This will enable Rheaply to help organizations achieve their sustainability objectives.
As many organizations are executing their corporate sustainability plans, the focus has been primarily on recycling. Even though recycling is important, this singular focus ignores another core pillar of sustainability: reuse. And most organizations in healthcare, enterprise technology, retail, government, higher education, and other sectors have a supply of assets not being utilized efficiently (if at all).

As many organizations are executing their corporate sustainability plans, the focus has been primarily on recycling. Even though recycling is important, this singular focus ignores another core pillar of sustainability: reuse. And most organizations in healthcare, enterprise technology, retail, government, higher education, and other sectors have a supply of assets not being utilized efficiently (if at all). 

Without an easier way to catalog those resources, companies purchase items when they have reasonable alternatives available for reuse. And those reusable assets end up going unused and eventually to landfills thus leading to the generation of millions of tons of waste. These practices are a drain on the organization’s funds and time as well as a major detriment to the environment.

Rheaply’s platform eliminates this potential waste by instituting the principles of a circular economy based on a model that emphasizes “designing out waste and pollution, keeping products and materials in use, and regenerating natural systems” via Ellen MacArthur Foundation

With Rheaply’s Asset Exchange Manager (AxM), members of organizations gain transparency about available assets, which ends the hassle of double-buying, waiting for new items to arrive, and space constraints while also diverting waste from landfills. So far, Rheaply has helped organizations divert over at least 14.5 metric tons of waste and produce $1.3 million in cost savings with over 10,000 transactions, the majority of which occurred in 2019.

This round of funding adds momentum to Rheaply’s rapid expansion to new industry verticals. And recently, Rheaply formed partnerships with a number of large organizations, including a leading global biopharmaceutical company and leading global tech companies. In the next few months, Rheaply will announce additional partnerships with major governmental bodies, retail brands, and institutions of higher education.

Key Quotes:

“Many companies don’t have the tools to fully realize that their inefficient practices are taking a toll on both their bottom line and the environment. Our platform not only saves these organizations significant money and time by helping them better use the assets they already have, but changes the way people think about the utility of the things they use every day.”

-Garry Cooper, co-founder and CEO of Rheaply

“From the moment we heard about Rheaply, we saw how impactful the platform will become. Its cost savings and waste diversion progress demonstrate the critical financial and environmental impact of instituting more effective reuse practices.”

-Pete Wilkins, managing director of Hyde Park Angels