Rheaply

Rheaply was founded by Garry Cooper, Peter Tucker and Tyler Skelton in Chicago in 2015.{{cite web|url=https://pitchbook.com/profiles/company/232948-45|title=Rheaply Company profile|website=Pitchbook|access-date=May 5, 2020}} The company started out as a peer-to-peer, virtual marketplace for laboratory equipment and consumables within higher education, where postdoctoral and graduate researchers could share unneeded resources, message each other and connect with nearby departments and laboratories. The name is a portmanteau of “research” and “cheaply.”{{cite journal|url=https://www.nature.com/articles/d41586-018-01601-5|title=How going green can raise cash for your lab|last=Dolgin|first=Elie|journal=Nature|date=February 17, 2018|volume=554 |issue=7691 |pages=265–267 |doi=10.1038/d41586-018-01601-5 |bibcode=2018Natur.554..265D |access-date=May 6, 2020}} Today, Rheaply uses circular economy principles and technology to bring better efficiencies to resource recovery and reuse within and across organizations.

The company joined the startup accelerator Techstars and was named one of Built in Chicago's “50 Startups to Watch” in 2018.{{cite web|url=https://magazine.northwestern.edu/people/building-an-ebay-for-scientific-research/|title=Building an eBay for Scientific Research|last=Predko|first=Lisa|publisher=Northwestern Magazine|date=May 31, 2019|access-date=May 6, 2020}} Rheaply was also part of the initial cohort for 1871’s Advanced Member Program.{{cite web|url=https://blog.1871.com/garry-coopers-rheaply-connects-researchers-with-resources|title=Garry Cooper's Rheaply Connects Researchers With Resources|last=Tai|first=Yun|publisher=1871 Blog|date=March 20, 2018|access-date=May 6, 2020}}

In 2019, Rheaply was selected into the 2019 MIT Solve Circular class, an open innovation initiative of the Massachusetts Institute of Technology to solve world challenges.{{cite web|url=https://solve.mit.edu/challenges/circular-economy/solutions/10158|title=Rheaply|publisher=MIT Solve|access-date=May 6, 2020}} Rheaply was also part of the initial cohort for 1871’s Advanced Member Program.{{Cite web|title=Garry Cooper's Rheaply Connects Researchers With Resources|url=https://blog.1871.com/garry-coopers-rheaply-connects-researchers-with-resources|last=Tai|first=Yun|website=blog.1871.com|language=en-us|access-date=2020-05-07}} The company also earned the Leadership Award for Advancing the Circular Economy from the Sustainable Purchasing Leadership Council.{{cite web|url=https://www.sustainablepurchasing.org/blog/2019/05/29/press-release-2019-sustainable-purchasing-leadership-award-winners-announced-2/|title=2019 Sustainable Purchasing Leadership Award Winners Announced|last=O'Brien|first=Sarah|publisher=Sustainable Purchasing Leadership Council|date=May 22, 2019|access-date=May 6, 2020}}

On March 18, 2020, Rheaply raised $2.5M in a seed round led by Hyde Park Angels, with participation from Concentric Equity Partners, M25, and Techstars Ventures.{{cite web|url=https://www.waste360.com/financials/rheaply-raises-25m-strengthen-asset-management|title=Rheaply Raises $2.5M to Strengthen Asset Management|publisher=Waste 360|date=March 23, 2020|access-date=May 6, 2020}} In April 2020, Rheaply launched its Emergency Resource Exchange (ERx) to address shortages in personal protective equipment and medical supplies during the COVID-19 pandemic.{{cite web|url=https://www.americaninno.com/chicago/inno-news-chicago/startup-teams-up-with-northwestern-to-source-coronavirus-supplies/|title=Startup Teams Up With Northwestern to Source Coronavirus Supplies|last=Davis|first=Katherine|publisher=ChicagoInno|date=April 14, 2020|access-date=May 6, 2020}}{{cite web|url=https://www.nytimes.com/2020/04/23/business/coronavirus-small-businesses-adapt.html|title=Staying Nimble: How Small Businesses Chicago Businesses Continue To Step Up In The Face Of Coronavirus Can, and Do, Shift Gears|last=Haimeri|first=Amy|work=New York Times|date=April 23, 2020|access-date=May 6, 2020}}{{cite web|url=https://www.forbes.com/sites/peterandrewwilkins/2020/04/03/chicago-businesses-continue-to-step-up-in-the-face-of-coronavirus/#6af99c536353|title=Chicago Businesses Continue To Step Up In The Face Of Coronavirus|last=Wilkins|first=Pete|work=Forbes|date=April 3, 2020|access-date=May 6, 2020}}

On December 3, 2020, Rheaply was awarded a $1 million investment during a pitch event, Revolution's Rise of the Rest Virtual Tour: Equity Edition with Steve Case. The startups were chosen out of the more than 450 black startup founders who applied to participate in the competition.{{Cite web|last=|first=|date=|title=Chicago startup Rheaply lands $1M from Rise of the Rest pitch contest|url=https://www.bizjournals.com/chicago/inno/stories/fundings/2020/12/03/rheaply-lands-1m-from-rise-of-the-rest-pitch.html|archive-url=|archive-date=|access-date=2020-12-09|website=www.bizjournals.com}}

On February 16, 2021, Rheaply announced an $8M Series A investment round led by High Alpha,{{Cite web|date=2021-02-16|title=High Alpha Leads $8M Series A for Rheaply|url=https://highalpha.com/rheaply-series-a/|access-date=2021-03-19|website=High Alpha|language=en-US}} with additional participation from 100 Black Angels & Allies Fund, Concrete Rose Capital, Hyde Park Angels, M25, MCJ Collective, Morgan Stanley Multicultural Innovation Lab, the Revolution Rise of the Rest Seed Fund, and Salesforce Ventures.{{Cite web|title=Chicago startups raise nearly $200M in February|url=https://www.bizjournals.com/chicago/inno/stories/roundups/2021/03/02/chicago-startups-raise-nearly-200m-in-february.html|access-date=2021-03-19|website=www.bizjournals.com}}

In May of 2021, Rheaply was one of 15 companies selected by Goldman Sachs to participate in the 2021 Launch With GS Entrepreneur Cohort, which provides access and resources to U.S.-based Black and Latinx founders to “fast-track their companies’ growth and build relationships with investors and industry experts.”{{Cite web|title=Goldman Sachs Announces 2021 Launch With GS Entrepreneur Cohort|url=https://www.goldmansachs.com/media-relations/press-releases/2021/launch-with-gs-2021-entrepreneur-cohort.html|access-date=2021-05-26|website=Goldman Sachs|language=en-US}}

On Dec 22, 2021, the Environmental Protection Agency’s Small Business Innovative Research (SBIR) Program invested in Rheaply to enhance building material recycling, and empower decarbonization efforts by reporting on estimated embodied carbon savings related to reuse.{{Cite web|last=Dallke|first=Jim|date=December 17, 2021|title=Rheaply lands part of $3M in funding from EPA|url=https://www.bizjournals.com/chicago/inno/stories/news/2021/12/17/rheaply-lands-part-of-3m-in-funding-from-epa.html|website=Chicago Inno}}

In June of 2022, Rheaply announced a raise of $20M, led by Revolution’s Rise of the Rest Seed Fund. Additional investors included the John Doerr Family Trust, Emerson Collective, and various other new and prior investors.{{Cite web |last=Freedman |first=Andrew |date=2022-06-07 |title=Circular economy startup Rheaply raises $20 million from high-profile investors |url=https://www.axios.com/2022/06/07/rheaply-circular-economy-startup-funding |access-date=2022-07-05 |website=Axios |language=en}}

In recognition of his efforts building Rheaply, Cooper has earned numerous honors, including Crain’s Chicago’s “40 Under 40” list,{{Cite web|date=2020-11-05|title=40 Under 40 2020: Find out why Garry Cooper is a #Crains40Under40|url=https://www.chicagobusiness.com/40-under-40/40s-2020-garry-cooper|access-date=2021-04-19|website=Crain's Chicago Business|language=en}} the Forbes “Next 1000” list,{{Cite web|last=Member|first=ByGarry CooperForbes Councils|title=Garry Cooper|url=https://www.forbes.com/profile/garry-cooper/|access-date=2021-04-19|website=Forbes|language=en}} and the cover of Entrepreneur magazine’s pandemic response edition.{{Cite web|last=Feifer|first=Jason|date=2020-07-07|title=Why We Put 137 People on Our Cover|url=https://www.entrepreneur.com/article/352181|access-date=2021-04-19|website=Entrepreneur|language=en}}

Rheaply has been used by numerous universities, including Northwestern University, MIT,{{cite web|url=https://workinggreen.mit.edu/working-green/reuse-mit|title=Reuse at MIT|access-date=May 6, 2020}} Washington University in St. Louis,{{cite web|url=https://resourcemanagement.wustl.edu/purchasing-services/surplus-property/|title=Announcing Rheaply AxM™ Surplus Property Software|access-date=May 6, 2020}} University of Illinois at Chicago.{{cite web|url=https://sustainability.uic.edu/green-campus/recycling/labshare/|title=Labshare|access-date=May 6, 2020}} Rheaply also services private enterprises such as Google, Exelon, and AbbVie. In addition to its private sector service offering, Rheaply partners with state and local governments looking to provide access to surplus and salvaged resources at cost-effective rates.{{Cite web|title=State & Local Government - Rheaply|url=https://rheaply.com/solutions/state-and-local-government/|access-date=2022-02-14|website=rheaply.com|language=en-US}}

Rheaply offers a sliding subscription & freemium model, which allows users to post castoffs and browse for supplies, many free or at a steep discount.{{cite web|url=https://www.chicagomag.com/Chicago-Magazine/May-2018/Innovators/Rheaply/|title=A virtual swap meet for scientists|last=Reese|first=Joel|publisher=Chicago magazine|date=May 31, 2018|access-date=May 6, 2020}}{{cite web|url=https://buffett.northwestern.edu/news/2020/northwestern-buffett-connects-dots-to-help-address-urgent-covid-19-medical-supply-issues.html|title=Northwestern Buffett connects dots to help address urgent COVID-19 medical supply issues|publisher=Northwestern University |date=March 31, 2020|access-date=May 6, 2020}} In 2022, Rheaply launched an embodied carbon avoidance tool to enable companies to better understand the environmental impacts of resource exchange.{{Cite web |last=Magazine |first=Wallpaper* |date=2022-04-22 |title=Rheaply redefines circular economy in architecture |url=https://www.wallpaper.com/architecture/rheaply-founder-garry-cooper-jr-interview-profile-usa |access-date=2022-07-05 |website=Wallpaper*}}

In May 2020, Rheaply partnered with the City of Chicago to launch the Chicago PPE Market, designed to help small businesses and nonprofits obtain protective equipment for their employees.{{Cite web|title=Mayor Lightfoot and Local Industry Working Groups Release Industry Guidelines for Phase Three Reopening in Chicago|url=https://www.chicago.gov/content/city/en/depts/mayor/press_room/press_releases/2020/may/IndustryGuidelinesPhaseThree.html|website=www.chicago.gov|language=en|access-date=2020-05-27}}

In late-November 2020, Rheaply joined the Ellen MacArthur Foundation member network, the world's leading circular economy network.{{Cite web|title=Foundation welcomes new Network members|url=https://www.ellenmacarthurfoundation.org/news/foundation-welcomes-new-network-members|access-date=2020-12-09|website=www.ellenmacarthurfoundation.org}}

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• [https://www.youtube.com/watch?v=vvIP7vabO4c How to Make Sure Materials Get Reused - Again and Again | Garry Cooper] | TED (TED, July 26, 2023)

Category:Companies based in Chicago

Category:Software companies established in 2015

Category:American companies established in 2015

Category:Software companies based in Illinois