Rheaply, a Black-owned climate tech company that combines a resource-sharing network with a user-friendly asset management platform, has announced that it’s raised $8 million in a Series A funding round.
According to the press release, the new funding round is one of the largest ever to be raised by a Black-founded Chicago startup. Plus, a good amount of the new investors are impact funds.
The company — owned by Chicago native Dr. Garry Cooper — reportedly raised this $8 million with help from such companies as 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. High Alpha led this initial funding round.
“Today stands as a momentous day in Rheaply’s history, as this funding demonstrates a commitment from the venture community to fighting climate change and actively supporting Black-led and -founded companies,” said Dr. Cooper, CEO and co-founder of Rheaply, in the press release announcement. “I’m thankful for our investors’ belief in the circular economy and call for others to consider the stakes: either we develop and take to market additional inventive and practical climate tech solutions today, or future generations unnecessarily shoulder an impossible burden.”
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Rheaply said that this funding will be used to ramp up their efforts to further expand from their initial $2.5 million seed round. The company specializes in diverting environmental waste at a savings to their customers, which include organizations like Museums in the Park (a coalition of prestigious Chicago museums), Rutgers University Medical Campus, and Allina Health.