Collaborate Corporation (ASX: CL8)
Collaborate Corporation Limited (ASX:CL8) has seen significant growth recently on the back of some very smart strategic moves.
The first move was to secure a $1 million investment from RACV for a 5.38% interest in the company.
The investment not only gives CL8 another major partner on the back of partnerships with the likes of Subaru, AON and Uber, it has also enabled CL8 to meet key performance metrics.
CL8 and RACV are incredibly complementary brands, but the catalyst for CL8 here is the 2.1 million existing RACV customers who will be offered CL8’s products and services.
CL8 recently recorded a revenue boost of 117% year-on-year, and a month-on-month improvement of 6%.
To push its ambitions further, CL8 also recently exercised 100% of CL8O options raising $3.5 million. This move has enabled the company to enter a new stage of development and further scale its technology platform.
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The $24.7 million capped CL8 is building momentum and sales revenues and is moving towards cashflow positivity.
With its DriveMyCar business unit leading the way having increased its total transaction revenue by 6% and more than doubled its transactional turnover (+117%) since April 2016, the company looks to be speeding towards taking a major slice of the peer to peer pie.