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Collaborate Corporation raises cash for peer-to-peer businesses

Collaborate Corporation raises cash for peer-to-peer businesses

Collaborate Corporation (ASX:CL8) has raised A$641,000 via an oversubscribed placement at A$0.021 per share to drive growth of the company’s peer-to-peer businesses.

Shares in the company were last trading at $0.022.

The fundraiser notably included the continued support of Collaborate leadership, with non-executive director Domenic Carosa subscribing for shares in the placement’s second tranche.

Proceeds will be used towards driving the growth of DriveMyCar, MyCaravan and Rentoid websites through marketing, public relations and product development activities.

This is expected to support the development and monetisation of the PeerPass platform and allow for the funding of investments that align with the company’s peer-to-peer strategy.

PeerPass was developed to empower peer-to-peer marketplaces to provide a safe and reliable environment for their customers to interact.

This service is achieved by managing connections to social networks, credit checks and fraud prevention as well as offering a forum for feedback and electronic signatures.

DriveMyCar, MyCaravan and Rentoid, meanwhile, are regarded are Australia’s leading peer-to-peer businesses for car, caravan and general rentals, respectively.

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