Collaborate Corp Ltd Reports a 50% Revenue Increase & $3.5 Million Raised in Outstanding Listed Options

KEY TAKEAWAYS:

• Collaborate Corp. Ltd. has released its Annual Report and Business Update where it reported a 50% revenue increase this year.
• The company raised $3.5 million after it exercised its outstanding CL8 listed options.
• The company has formed significant partnerships and corporate relations with Subaru, Orix, Uber, RACV and Interleasing.

Collaborate Corporation Ltd. has reported a 50% increase in revenue with much of its growth experience during the latter part of this year. The company recently raised around $3.5 million after it exercised its outstanding CL8 listed options.

This was revealed by Collaborate Corp. Ltd. in its Annual Report and Business Update authorised by CEO and Director Chris Noone.

Collaborate Corp. Ltd., which is headquartered in Sydney, Australia, is a company engaged in the development, marketing and license sales of software. It specialises in peer-to-peer, collaborative consumption and sharing economy businesses. The company operates through Rentoid which includes rent and other platforms, MyCaravan which covers rental business of caravans and DriveMyCar which covers a car rental business.

The company’s stronger financial position is attributed to the significant investments it made in Research and Development. The appointment of several senior executives provided the company with a more experienced team for the execution of its Peer-Pass trust and verification platform as well as its Collaborate marketplaces. It also reported a 32% reduction in corporate and administrative expenses resulting in increased operating efficiency.

Collaborate’s DriveMyCar operations has successfully launched a marketing campaign for Subaru Impreza and has leveraged its relationship with Uber. It was also able to develop new revenue streams for automotive manufacturers and dealers and achieved a 35% reduction in insurance related costs per vehicle.

The MyCaravan operations reported a 150% increase in gross revenue compared to last year’s income. The company developed Mobilise which allowed its clients to generate revenue from their idle assets. Mobilise also partnered with Aon where the latter committed to promote Mobilise to its business clients to help them monetise their ideal assets.

The company has a very positive outlook thanks to increased funding and capitalisation. It also looks forward to a strong collaboration and the development of its corporate relations with Uber, RACV, Orix, Subaru and Interleasing.

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