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.

History

Early Beginnings

Rheaply was founded by Garry Cooper, Peter Tucker and Tyler Skelton in Chicago in 2015. 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.” 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. Rheaply was also part of the initial cohort for 1871’s Advanced Member Program.
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. Rheaply was also part of the initial cohort for 1871’s Advanced Member Program. The company also earned the Leadership Award for Advancing the Circular Economy from the Sustainable Purchasing Leadership Council.
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. In April 2020, Rheaply launched its Emergency Resource Exchange to address shortages in personal protective equipment and medical supplies during the COVID-19 pandemic.

Business Model and Partnerships

Rheaply has been used by numerous universities, including Northwestern University, MIT, Washington University in St. Louis, University of Illinois at Chicago 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. 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.