ImpactAlpha, June 8 — Chicago-based Rheaply has raised $20 million in a financing round led by Revolution’s Rise of the Rest Seed Fund. Other investors in the financing round include Emerson Collective, Techstars, Salesforce Impact Fund and the John Doerr Family Trust.
Rheaply has built a software platform used by Google, MIT, Logitech and other organizations to exchange used materials and resources to eliminate waste. The goal: help them cut costs and carbon.
Steve Case of Revolution said the company’s solution is critical “for businesses that are trying to effectively use and recycle physical resources while also combating climate change” (see, “Rise of the Rest backs Black-led startups”).
Rheaply will use the capital to expand its platform to energy and utility companies.
