NEW YORK–(BUSINESS WIRE)–Energy Impact Partners LP, a global investment platform leading the transition to a sustainable energy future, announced today it participated in Rheaply’s latest investment round through its Elevate Future Fund. Rheaply is a cloud-based resource exchange platform that connects people and organizations with resources, improves reuse outcomes and catalyzes the circular economy.
Earlier this summer, Rheaply announced a $20 million raise focused on driving a revolutionary shift in enterprise resource management. This funding round makes Rheaply co-founder and CEO, Dr. Garry Cooper Jr., the single highest-funded Black entrepreneur in climate tech in the city of Chicago. With this funding, Rheaply intends to further scale its tech development efforts, develop its consulting services to help more organizations strategically progress toward their sustainability goals, and grow its partnership program to bring more industry, technology, and community partners into the circular economy.
“Since founding Rheaply, we have been working to demonstrate the economic and environmental impact of circularity through our collaborations with government agencies and Fortune 1000 companies,” said Dr. Cooper. “This investment from Energy Impact Partners and other climate-conscious organizations is further evidence of the power of circularity, and we are energized to have their support as we scale.”
As the company has grown, it has sharpened its focus on embodied carbon in the built environment, a sector that produces a huge share (37%) of total carbon emissions globally. Because of Rheaply’s work, including its recent launch of a new estimated embodied carbon avoidance feature on the platform, organizations across a wide range of verticals can now understand how the reuse of resources translates to avoided carbon emissions. These new insights equip organizations to take action more effectively against climate change.
“We are excited to join Rheaply’s latest round as the company continues innovating in the circular economy space,” said Anthony Oni, Managing Partner of the Elevate Future Fund. “The Elevate Future fund exists to create more opportunities for diverse founders and entrepreneurs such as Garry, and to create essential ESG solutions to accelerate our net zero future.”
Launched in 2021, the Elevate Future Fund brings EIP’s proven investment model to early-stage innovation markets, seeking to achieve significant, positive social impact returns on capital by increasing diversity in the broader energy transition industry, and supporting pathways towards a more inclusive venture capital ecosystem. The fund makes direct venture investments in promising early-stage companies, offers credit for established businesses, and selectively teams with and invests in incubators, accelerators, and funds, with a focus on building a portfolio founded or run by diverse talent.
“At Nicor Gas, we are committed to being a leader in sustainability, innovation, and economic development. Partnering with startups like Rheaply allows us to support local diverse businesses and grow our regional climate tech economy while incorporating sustainable practices into our operations,” said Meena Beyers, Vice President of Community and Business Development at Nicor Gas. “We are proud to partner with Rheaply to identify solutions that align with our sustainability initiatives and look forward to working together as a part of the circular economy.”
“There is ample opportunity to expand circularity in the global economy to ensure we hit net-zero carbon targets. Rheaply is the market player poised to bring a valuable method to market while building a company that engenders diversity and inclusivity,” said Vida Asiegbu, Principal at Energy Impact Partners.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 70 professionals based in its offices in New York, Washington, D.C., San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About Rheaply
The Rheaply platform is a cloud-based resource exchange technology application for connecting people and organizations with resources, improving reuse outcomes, and catalyzing the circular economy. As the only market solution that combines an asset management system with an online marketplace, Rheaply’s platform enables organizations to exchange materials and resources more effectively, eliminating unnecessary waste, avoiding carbon emissions, and reducing spend. To learn more about Rheaply, visit rheaply.com or follow @RheaplyInc.
