Tribe Property Technologies Inc said it has partnered with UmbraCity, a network of fully automated, smart umbrella rental kiosks that provide on-demand access to umbrellas for communities.
The partnership would bring UmbraCity's hotel concierge-like service to Tribe buildings across the Lower Mainland, elevating lifestyle and convenience in Tribe communities.
"It rains a lot in Vancouver. That is a fact. UmbraCity offers an extremely practical service that adds convenience for residents and is sustainable for the larger community as well," said Tribe CEO Joseph Nakhla in a statement. "Just think, no more searching for an umbrella or getting caught out in a downpour as you leave your home. It can be the smallest of things that have the biggest impact on our day."
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From transportation and accommodation to retail and consumer goods, the popularity of the "sharing economy" or "collaborative consumption" continues to increase as a direct reflection of Canadians' preference to rent or borrow goods rather than buy or own them, Tribe noted.
In 2015 PwC had estimated that by 2025 the sales revenue from the sharing economy will have risen to US$335 billion, likely much higher now given the impact of the coronavirus pandemic. The transition to an economy that shares physical assets is not only more cost-effective, but is more sustainable on the environment with an overall reduction in resources and pollutants, emissions, and carbon footprints, the company added.
"We are excited to bring our unique amenity to Tribe buildings and expand our reach across the Lower Mainland," said Amir Entezari, CEO of UmbraCity. "UmbraCity partners with customer-centric properties that provide world-class amenities to their tenants and community members. With an UmbraCity kiosk in the building, community members will be able to move around the city whenever and wherever without worrying about bringing an umbrella or getting drenched in the rain."
UmbraCity's service includes a fleet of drivers that replenishes stock, wherever its kiosks are located, when availability is low.
Launched in 2015, UmbraCity is a Vancouver-based company that offers an innovative and easy way to put an umbrella in everyone's hand when they need it. The company's network of fully automated, smart umbrella rental kiosks provides on-demand access to umbrellas for commuters and offers an effective platform for value-based marketing and advertising.
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.
The company'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. Its platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform.
Contact the author at jon.hopkins@proactiveinvestors.com