Rheaply, a climate tech company that combines a resource-sharing network with a user-friendly asset management platform, today announced that it has raised a $2.2 million inter-series funding round led by Microsoft’s Climate Innovation Fund, with additional investments made by MIT Solve’s investment arm, Solve Innovation Future. The investments will be directed toward building carbon-based reporting into the platform, so companies can measure carbon emissions reductions as they utilize the platform.
Rheaply’s unique platform, Asset Exchange Manager (AxM)TM, maximizes the reuse, remanufacturing, and exchange of resources within and across organizations. The 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.
Now, Rheaply will implement a multi-phase carbon product roadmap to align with key milestones and objectives defined in partnership with Microsoft. This will help organizations tie material reuse to carbon accounting and credit opportunities. Rheaply’s platform will be the first to bring this metric to the B2B asset exchange technology market.