Rheaply
| Company type | Private |
|---|---|
| Industry | Software, Enterprise asset management, Circular economy |
| Founded | January 1, 2015 |
| Founder | Garry Cooper Jr., Peter Tucker, Tyler Skelton |
| Headquarters | Chicago , United States |
| Products | Enterprise asset management software, Resource exchange platform |
| Website | rheaply |
Rheaply, Inc. is a privately owned B2B SaaS firm focused on enterprise asset management solutions tailored for the circular economy. The company provides technology that facilitates resource exchange to optimize asset recovery and promote the internal reuse of tangible assets within large-scale organizations. Rheaply’s progressive web application supports clients across sectors such as higher education, government, enterprise, biopharma, built environment, and retail. Its headquarters are located in Chicago, Illinois.
Founding and Early Development
Established in Chicago in 2015 by Garry Cooper Jr., Peter Tucker, and Tyler Skelton, Rheaply initially launched as a peer-to-peer online marketplace designed for sharing laboratory equipment and consumables within the higher education community. This platform enabled researchers to redistribute surplus materials and foster cross-departmental connections. The brand name merges the words “research” and “cheaply.” Currently, Rheaply leverages circular economy strategies to enhance resource recovery and promote reuse both within individual organizations and across institutional boundaries.
Expansion and Milestones
Rheaply was accepted into the Techstars accelerator program and earned recognition as one of Built In Chicago’s “50 Startups to Watch” in 2018. It also engaged with 1871’s Advanced Member Program and was selected for the 2019 MIT Solve Circular cohort, an initiative aimed at tackling global sustainability challenges. Additionally, Rheaply received the Leadership Award from the Sustainable Purchasing Leadership Council for its efforts in advancing circular economy practices.
In March 2020, the company secured $2.5 million in seed funding led by Hyde Park Angels, with contributions from Concentric Equity Partners, M25, and Techstars Ventures. The following month, Rheaply introduced Emergency Resource Exchange (ERx) to alleviate PPE shortages during the COVID-19 crisis.
By December 2020, Rheaply attracted a $1 million investment through Revolution’s Rise of the Rest Virtual Tour: Equity Edition, chosen from a competitive pool of over 450 Black startup founders.
In February 2021, Rheaply announced an $8 million Series A financing round spearheaded by High Alpha, with participation from investors such as 100 Black Angels & Allies Fund, Concrete Rose Capital, Hyde Park Angels, M25, MCJ Collective, Morgan Stanley Multicultural Innovation Lab, Revolution Rise of the Rest Seed Fund, and Salesforce Ventures.
Goldman Sachs included Rheaply in its Launch With GS Entrepreneur Cohort in May 2021, providing targeted support for Black and Latinx entrepreneurs to accelerate business growth.
December 2021 saw investment from the EPA’s Small Business Innovative Research Program aimed at improving building material recycling processes and supporting decarbonization efforts by tracking embodied carbon reductions achieved through reuse.
In June 2022, Rheaply completed a $20 million funding round led by Revolution’s Rise of the Rest Seed Fund alongside investors like John Doerr Family Trust and Emerson Collective.
Founder Garry Cooper Jr. has been honored with accolades including Crain’s Chicago Business “40 Under 40,” Forbes “Next 1000,” and featured on the cover of Entrepreneur magazine’s pandemic response issue.
Business Model and Strategic Alliances
Rheaply’s client base includes prominent academic institutions such as Northwestern University, MIT, Washington University in St. Louis, and University of Illinois at Chicago. Its corporate clientele features companies like Google, Exelon, and AbbVie. The firm also collaborates with municipal and state governments to provide affordable access to surplus assets and reclaimed resources.
The company employs a tiered subscription model combined with freemium access that enables users to list unwanted items or explore available inventory—many offered free or at significant discounts. In 2022, Rheaply introduced a tool designed to measure embodied carbon avoidance to assist organizations in evaluating environmental benefits derived from resource exchanges.
In May 2020, Rheaply partnered with the City of Chicago to establish the Chicago PPE Market, supporting small businesses and nonprofits in acquiring necessary protective equipment. Later that year, it joined the Ellen MacArthur Foundation member network, a leading organization dedicated to promoting circular economy principles.
External links
- Ensuring Continuous Material Reuse | Garry Cooper | TED (July 26, 2023)