Black-Owned Rheaply Receives Funding From The City of San Francisco And The CNCA To Expand

Rheaply, a startup that specializes in recycling and sourcing unused items, has just announced that it received an undisclosed amount of funding from the Carbon Neutral Cities Alliance Game Changer Fund.

The firm also combines a resource-sharing network with a user-friendly resource management platform. The investment is meant to help the Black-owned venture build an online exchange for building products and other resources.

The exchange, which is set to launch in late 2022, will enable businesses in the greater Bay Area to access surplus and salvaged resources at cost-effective rates.

Rheaply, founded by Garry Cooper Jr., has already helped organizations divert over 14.5 metric tons of waste and produce $1.6M in cost savings via over 5,000 transactions.

Debbie Raphael, Director of the San Francisco Department of the Environment, said: “Through this partnership with Rheaply, we’re creating a new, online exchange where businesses can benefit from no- or low-cost materials recovered from construction and demolition projects.

“Facilitating access to usable materials benefits the environment, builds green jobs, and enhances cost-effectiveness. That is a winning combination!”

The move comes as a big win to the Rheaply family, who raised $8M to scale the circular economy and enable businesses to take action against climate change in February.

The Series A round was led by High Alpha, with investment from 100 Black Angels & Allies Fund, Concrete Rose Capital, Hyde Park Angels, M25, MCJ Collective, and Morgan Stanley Multicultural Innovation Lab.

Rheaply’s Series A is reportedly one of the largest rounds ever raised by a Chicago startup with a Black founder, and the majority of new investors are impact funds.

The company also recently partnered with the City of Chicago and World Business Chicago to address critical PPE shortages among the small business community during the COVID-19 pandemic.