Organizations and offices across every sector generate millions of tons of institutional waste annually by discarding their physical assets—and then spend capital on double-purchasing equipment, storing extra inventory, or even paying to purge assets. Worse, still-valuable assets are often improperly disposed of in landfills, where they contribute to increased emissions.
Rheaply’s Asset Exchange Manager maximizes the reuse, remanufacturing, and exchange of resources within and across organizations. The software platform tracks inventory and depreciation, allowing users to better visualize, quantify, and utilize surplus assets, or to dispose of them properly. The transparent asset management system also offers facilitated peer-to-peer asset exchange, a gamified online marketplace, and sustainability metrics—enabling less waste and more cost-effective reuse.
For smaller and nonprofit partners, such as K–12 public schools, Rheaply’s software can help save operational budgets and provide in-kind support services through equipment and knowledge sharing with larger organizations, which creates and expands key community relationships.
The circular economy represents a net materials cost savings opportunity of $340 to 380 billion. The software asset management market size is expected to grow from $1.16 billion in 2017 to $2.32 billion by 2022, with an increasing need to manage resource lifecycle. Recommerce, the reselling of previously used goods, as an industry is expected to double in size over the next five years.
Within the next five years, Rheaply plans to expand to large organizations throughout the US and internationally. To do this, the startup seeks:
- Technical expertise to develop the Rheaply platform through the use of AI and blockchain asset tracking; and
- Business development guidance to persuade new types of organizations to sign on.
Some of Rheaply’s notable achievements include:
- The Leadership Award for Advanced Circular Economy from Sustainable Purchasing Leadership Council (SPLC);
- Acceptance into the VERGE Accelerate program; and
- Media coverage in GreenBiz and Nature.
Rheaply's Asset Exchange Manager currently services a range of universities and private enterprises including Northwestern, University of Illinois at Chicago, Stanford, Google, Mars Wrigley, AbbVie, and MIT.
By using Rheaply, the University of Chicago reported annual savings of $250,000 by reclaiming more than one-third of all unexpired, unused lab resources.
Chicago, IL, USA
Dr. Garry Cooper CEO, Rheaply
Microsoft’s Climate Innovation Fund
The Microsoft Climate Innovation Fund led an interseries convertible debt round for Rheaply, leading to a $2,100,000 investment to Rheaply. Rheaply now plans to help Microsoft implement a carbon product roadmap to move towards their goal of carbon neutrality by 2030.
Reselling Surplus Industrial Equipment
Solver Rheaply, a platform that gives a second life to surplus industrial equipment, received a $10,000 grant from Solve in 2019 for being selected as a Circular Economy Solver.