Tribe Property Technologies Announces Partnership with WeDoLaundry
VANCOUVER, BC, June 15, 2022 /CNW/ - Tribe Property Technologies (TSXV: TRBE) (OTCQB:TRPTF) ("Tribe" or the "Company") has partnered with WeDoLaundry to bring revolutionary, eco-friendly valet laundry services to Tribe communities across British Columbia and Ontario.
"We are continually looking for new ways to add value and convenience to the residents of our communities," said Tribe CEO Joseph Nakhla. "WeDoLaundry not only takes the hassle out of doing laundry, but they also nurture local businesses, providing a steady source of income for drivers and cleaners. This type of business model is meaningful to the growth and vibrancy of local communities."
According to a report from a 2021 survey, Canadians are eager to support local businesses with 75% saying the pandemic has made shopping and supporting businesses in their community more important, and more than half of Canadians (55%) say their desire to support local businesses is causing them to shift their spending by shopping closer to home.1
"Partnering with Tribe enables us to increase our reach to like-minded communities across Canada," commented Abhishek Arora, CEO & Co-founder, WeDoLaundry. "Our services provide clean laundry for our customers while providing a steady source of income for washers and drivers. Like Tribe, we are committed to ensuring quality and convenience for our customers that is focused on sustainability and growth."
Tribe manages approximately 40,000 homes made up of more than 100,000 residents. The Company's proprietary community management software Tribe Home is integrated into every community with its ability to connect, inform, educate, and protect through the digitization and simplification of residential community living. WeDoLaundry will be available to owners and tenants in applicable communities through Tribe Home.
Tribe receives compensation from partners for use of the Tribe Home platform. The Company's partners also commit to providing a special offering for Tribe's homeowners/tenants allowing them to take advantage of Tribe's group buying power.
The type and amount of compensation varies from partnership-to-partnership but generally falls into one, or a combination, of the following models:
- Commission: Tribe receives a one-time fixed or variable fee for each transaction that occurs through their platform; and/or
- Residuals/Recurring: After the initial transaction, the Company receives ongoing revenue for as long as the service remains in place.
WeDoLaundry is a revolutionary, eco-friendly valet service started in 2018 from Surrey, BC and now serving in all the cities around greater Vancouver and Toronto. WeDoLaundry works in 3 easy steps:
- Customers schedule their laundry pickup using WeDoLaundry's website or app.
- WeDoLaundry picks up dirty laundry and coordinates with a professional cleaner.
- WeDoLaundry delivers washed, fluffed, and folded laundry back to the customers.
All of the complex logistics are handled by WeDoLaundry's cloud based secure technology system, keeping customers updated with their laundry status from pickup to delivery and allowing them to enjoy freshly done laundry without having to take time out of their day.
Tribe is a property technology company that is digitizing the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
Tribe's business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnerships (smart building products, financial and insurance service).
Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.
ON BEHALF OF THE BOARD
"Joseph Nakhla"
Chief Executive Officer
Tribe Property Technologies Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including statements relating to the expected use of proceeds from the Offering and the Company's goals and strategy. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital markets conditions, and stock market volatility. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.
SOURCE Tribe Property Technologies Inc.
Tribe Corporate + Media: Jennifer Laidlaw, VP Communications and Marketing, Tribe Property Technologies, [email protected], 778-837-4314; Joseph Nakhla, Chief Executive Officer, 1606-1166 Alberni Street, Vancouver, British Columbia, V6E 3Z3, (604) 343-2601, [email protected]
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