Rheaply

Rheaply, Inc. is a privately held B2B Software as a service company that specializes in enterprise asset management technology for the circular economy. The company markets resource exchange technology to improve asset recovery outcomes and internal reuse of physical assets within large organizations. Rheaply operates a progressive web application for resource management in higher education, government, enterprise, biopharma, built environment and retail organizations. The company is located in Chicago, IL.

Rheaply
Corporation
IndustryAsset recovery, Circular Economy
Headquarters
Chicago, Illinois
,
U.S.
Area served
Worldwide
Key people
  • Garry Cooper, JR Co-Founder & CEO
  • Tyler Skelton Co-Founder & CPO
  • Peter Tucker Co-Founder & CTO
  • Karina Kocemba VP, Product
  • Thomas Fecarotta III VP, External Affairs & Marketing
  • Garr Punnett Chief of Staff & Sustainability
ServicesEnterprise asset management, Asset recovery, Reverse logistics
Number of employees
10
WebsiteRheaply website

History

Early Beginnings

Rheaply was founded by Garry Cooper, Peter Tucker and Tyler Skelton in Chicago in 2015.[1] 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.”[2] Today, Rheaply uses circular economy principles and technology to bring better efficiencies to resource recovery and reuse within and across organizations.

Growth and Expansion

The company joined the startup accelerator Techstars and was named one of Built in Chicago's “50 Startups to Watch” in 2018.[3] Rheaply was also part of the initial cohort for 1871’s Advanced Member Program.[4]

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.[5] Rheaply was also part of the initial cohort for 1871’s Advanced Member Program.[6] The company also earned the Leadership Award for Advancing the Circular Economy from the Sustainable Purchasing Leadership Council.[7]

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.[8] 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.[9][10][11]

Business Model and Partnerships

Rheaply has been used by numerous universities, including Northwestern University, MIT,[12] Washington University in St. Louis,[13] University of Illinois at Chicago[14] and the University of Chicago. Rheaply also services private enterprises such as Google, Exelon, and AbbVie. Rheaply offers a sliding subscription & freemium model, which allows users to post castoffs and browse for supplies, many free or at a steep discount.[15][16] The ERx platform is available free of charge for organizations combating COVID-19.

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.[17]

References
  1. "Rheaply Company profile". Pitchbook. Retrieved May 5, 2020.
  2. Dolgin, Elie (February 17, 2018). "How going green can raise cash for your lab". Nature. Retrieved May 6, 2020.
  3. Predko, Lisa (May 31, 2019). "Building an eBay for Scientific Research". Northwestern Magazine. Retrieved May 6, 2020.
  4. Tai, Yun (March 20, 2018). "Garry Cooper's Rheaply Connects Researchers With Resources". 1871 Blog. Retrieved May 6, 2020.
  5. "Rheaply". MIT Solve. Retrieved May 6, 2020.
  6. Tai, Yun. "Garry Cooper's Rheaply Connects Researchers With Resources". blog.1871.com. Retrieved 2020-05-07.
  7. O'Brien, Sarah (May 22, 2019). "2019 Sustainable Purchasing Leadership Award Winners Announced". Sustainable Purchasing Leadership Council. Retrieved May 6, 2020.
  8. "Rheaply Raises $2.5M to Strengthen Asset Management". Waste 360. March 23, 2020. Retrieved May 6, 2020.
  9. Davis, Katherine (April 14, 2020). "Startup Teams Up With Northwestern to Source Coronavirus Supplies". ChicagoInno. Retrieved May 6, 2020.
  10. Haimeri, Amy (April 23, 2020). "Staying Nimble: How Small Businesses Chicago Businesses Continue To Step Up In The Face Of Coronavirus Can, and Do, Shift Gears". New York Times. Retrieved May 6, 2020.
  11. Wilkins, Pete (April 3, 2020). "Chicago Businesses Continue To Step Up In The Face Of Coronavirus". Forbes. Retrieved May 6, 2020.
  12. "Reuse at MIT". Retrieved May 6, 2020.
  13. "Announcing Rheaply AxM™ Surplus Property Software". Retrieved May 6, 2020.
  14. "Labshare". Retrieved May 6, 2020.
  15. Reese, Joel (May 31, 2018). "A virtual swap meet for scientists". Chicago magazine. Retrieved May 6, 2020.
  16. "Northwestern Buffett connects dots to help address urgent COVID-19 medical supply issues". Northwestern University. March 31, 2020. Retrieved May 6, 2020.
  17. "Mayor Lightfoot and Local Industry Working Groups Release Industry Guidelines for Phase Three Reopening in Chicago". www.chicago.gov. Retrieved 2020-05-27.
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