Rheaply, a climate tech company that combines a resource-sharing network with a user-friendly asset management platform, today announced that it has raised $8M in a Series A round led by High Alpha, with investment from 100 Black Angels & Allies Fund, Concrete Rose Capital, Hyde Park Angels, M25, MCJ Collective, Morgan Stanley Multicultural Innovation Lab, Revolution’s Rise of the Rest Seed Fund, and Salesforce Ventures. Rheaply’s platform eliminates potential waste by instituting the principles of a circular economy, a model that emphasizes “designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.”

Rheaply’s Series A is one of the largest rounds ever raised by a Chicago startup with a Black founder, and the majority of new investors are impact funds.

In the U.S. economy, over $630B of physical workplace assets sit idle every year.2 Not knowing what assets exist and where they are frequently leads to inefficiencies in procurement practices, the inability to properly track and manage asset depreciation, and the purchase of duplicate assets, significantly impacting every organization’s bottom line. If never put to use, these assets will add over 60M tons of waste to landfill.

If you would like to know more about how Rheaply is helping Fortune 500 companies and the U.S. Federal Government better track and utilize their resources, visit rheaply.com.

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