COLABS, a Lahore-based coworking startup, secured $2 million in a pre-Series A funding round led by Shorooq Partners, with additional investment from Saudi Arabia’s Waad Investment.
The funding raised COLABS’ total capital to over $5 million, with previous investors including Indus Valley Capital, Fatima Gobi Ventures, and Zayn Venture Capital. The funds will fuel COLABS’ planned expansion, with the company having already registered in Saudi Arabia to build on its achievements in Pakistan and launch into a promising new market.
“Our success in Pakistan has underscored the robustness of our business model, which supports innovation and startups. We are eager to replicate this success in new markets, enhancing entrepreneurial endeavors across the region and boosting the MENA startup scene,” stated Omar Shah, COLABS’ co-founder, and CEO, as he emphasized the significance of the company’s growth within Pakistan, highlighting their ambitions to foster entrepreneurship in the region.
Shorooq Partners’ Principal, Omer Zabit, commended COLABS for its resilience and remarkable growth despite Pakistan’s economic challenges.
“We are committed to supporting COLABS in this next growth phase as it enters Saudi Arabia, one of the region’s most promising markets,” Zabit stated, reflecting optimism for COLABS’ regional expansion.
Since its founding in 2019, COLABS has seen a fivefold increase in revenue and workspace capacity, reaching net profitability. It now operates 10 locations with over 5,000 seats and a team of 300 employees.
The company has partnered with more than 250 organizations, including Google Cloud, AWS, Red Bull, and Spotify, and provides services to prominent clients like EY, Endeavor, and Coca-Cola.
COLABS has also partnered with the Pakistan Air Force to create the National Aerospace Science and Technology Park, a facility designed to support Pakistan’s aerospace industry with over 1,000 seats, signaling the company’s commitment to fostering technological innovation across diverse sectors.
Beyond workspace solutions, COLABS has launched programs like “Pitch to Win” and the Freelancer Fellowship, which offers workspace to over 100 freelancers each quarter, supporting Pakistan’s growing freelance and entrepreneurial community.