Co-operators Invests Into R-LABS Partnership and Expands The Real Estate Industry Venture Builder’s Capabilities in Delivering Industry Innovation in Real Estate and Housing
TORONTO, March 15, 2023 – R-LABS – The Real Estate Industry Venture Builder is pleased to announce a strategic investment by Co-operators, a leading Canadian financial services co-operative.
Co-operators, a purpose-driven co-operative, and R-LABS, The Real Estate Industry Venture Builder, formed a strategic partnership in January 2023, in recognition of their shared goal to find innovative solutions to the many complicated and interrelated challenges related to the housing supply and affordability crisis that is impacting Canadians and our communities. As pressures continue to mount, the need for open innovation on a local and national scale has never been greater.
“The R-LABS Canada partnership is excited to welcome Co-operators as a new strategic partner,” said George Carras, Founder and CEO of R-LABS. “We believe the great companies the world needs to solve the major problems in real estate and housing don’t exist yet and Co-operators now joins the growing group of innovative corporations, institutions, and entrepreneurs in the partnership committed to delivering Industry Innovation with their capabilities and capital through the R-LABS Venture Process and Open Innovation Program.”
“Our purpose as an organization is to help Canadians and our communities build financial security and resilience. As the fourth largest property and casualty insurer in Canada, we know that access to safe, affordable, accessible, and sustainable housing is foundational to that,” said Steve Phillips, Executive Vice President of Emerging and Adjacency Business Models at Co-operators. “As a co-operative, we are committed to addressing systemic social, economic, and environmental challenges to achieve our purpose. One of the ways we do that is by investing in and partnering with businesses and organizations like R-LABS that are focused on solving these challenges – like those we are currently experiencing in the real estate and housing industry – and contributing to positive change.”
R-LABS is The Real Estate Industry Venture Builder established in 2018 as a partnership of corporations, institutions and game changing entrepreneurs to build great companies that solve major problems in real estate and housing.
Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. Co-operators has more than $58.2 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 76 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is also ranked as a Corporate Knights’ Best 50 Corporate Citizen in Canada.