The United States Environmental Protection Agency (EPA) recently selected 30 small businesses to receive part of a $3 million investment to help develop new technologies to address environmental and public health concerns. Among the recipients was Chicago-based startup Rheaply.
Rheaply is based on the concept of circular economies, where waste or excesses resources are repurposed, significantly reducing waste. An example of a circular economy is a furniture designer repurposing wood scraps into other products instead of chucking the waste into the garbage and it ending up in a landfill.
Launched in 2016, Rheaply offers a SaaS platform that not only functions as an asset manager but also allows companies to publicly post assets they no longer need. With the platform, businesses can sell, share and rent unwanted assets with other businesses. A feature on the software also allows companies to request specific assets.