Collaborate Corporation (ASX: CL8)
Following rapid growth of the company’s DriveMyCar platform, Collaborate Corporation (ASX: CL8) is approaching that all important milestone of cash flow positivity.
Driving its growth is a heavy focus on doing deals for DriveMyCar with much bigger companies including Subaru, Aon, Orix and Uber.
In fact, since signing a deal with Subaru, every Subaru in the CL8 fleet has been utilised on the DriveMyCar platform.
It is these types of deals which have really put CL8 on the fast track to significant market share in burgeoning peer to peer economy.
In a similar way to Airbnb and Uber, CL8’s tech platforms facilitate trust in the sharing economy, and the company’s recent numbers speak for themselves.
Here is a company that has reported 90% increase in Net Rental Days Booked for the March Quarter to over 20,000 days; 77% increase in Net Rental Days booked in March compared to February; 13% increase in gross revenue for the March quarter, with more to come for June and a 265% increase in Net Rental Days booked for UberX.
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With no debt and a significant amount of cash to come in via exercised options, CL8 is in a strong position to chase additional strategic partnerships.
So who will be CL8’s next Uber, Subaru or Orix and push this company forward with even greater velocity? At the speed CL8 is moving, it won’t be long until we find out..