Collaborate Corporation Limited has raised $1 million through a placement to a strategic investor, Turners Automotive Group Limited, the company announced.
Turners is a New Zealand based integrated automotive financial service group, primarily operating in the automotive sector, and provides strength in the three key areas of automotive retail, finance and insurance, and debt management systems.
The strategic investment from Turners, a major player in the New Zealand automotive market, comes after Collaborate’s March launch of Carly, Australia’s first flexible vehicle subscription service. The business aims to deliver a new revenue stream for the automotive retail market and is currently attracting significant interest from automotive dealers and manufacturers.
Collaborate proposes to leverage Turners’ industry experience and accelerate the growth of Carly in the car subscription market in Australia. In addition to the placement, the parties have agreed an exclusivity period to negotiate the launch of a joint vehicle subscription service in New Zealand. A launch in New Zealand would enable Collaborate to leverage its existing investment in the technology platform supporting Carly and access a substantial new market with the support of Turners, the largest seller of cars in New Zealand.