On behalf of its 2.1 million members, RACV has made a strategic investment in Collaborate Corporation Limited (ASX: CL8) as part of its ongoing effort to improve the lives of Victorians by addressing their needs and being their advocate in the areas of mobility, home and leisure.
The $1 million investment in Collaborate is the latest step by RACV to help Victorians get around conveniently, efficiently, sustainably and cost-effectively by growing its mobility portfolio. This portfolio includes Melbourne Bike Share which RACV operates on behalf of Public Transport Victoria, and RACV Car Share, powered by Thrifty.
RACV’s goal to provide leading mobility services to its members aligns closely with Collaborate’s experience in operating car, household item and caravan sharing services. Collaborate is a pioneer of the sharing economy in Australia with its technology platform processing thousands of high-value peer-to-peer (P2P) transactions each year.
In addition to this initial strategic investment, Collaborate and RACV have agreed to jointly explore opportunities to leverage Collaborate’s P2P marketplace platform to provide RACV’s members and the wider Victorian market with the ability to share items they own or gain access to items they need temporarily.
Neil Taylor, RACV Managing Director and CEO commented “Our investment in Collaborate provides RACV and our members the ability to participate in the benefits and phenomenal growth of the sharing economy through Australia’s leading P2P sharing platform.”
Elizabeth Kim, RACV General Manager of Mobility said “One of RACV’s key goals is to improve the mobility experience for Victorians, by providing access to a range of options that enable our members, residents, commuters and visitors to get around. To this end, we are excited to partner with Collaborate to explore opportunities to provide access to P2P car sharing for our members and the wider Victorian community.”
Chris Noone, Collaborate CEO said “We are thrilled to welcome RACV as a substantial shareholder of Collaborate. We look forward to working with RACV to identify opportunities to introduce our market leading services to RACV’s 2.1 million members and are excited about the opportunity to significantly accelerate the adoption of Collaborate’s platforms in the Victorian market. We also welcome RACV’s aspiration to make further investments in the Company.”