Lahore-based co-working platform COLABS has raised $2 million in a pre-Series A funding round led by Shorooq Partners, alongside contributions from Saudi-based Waad Investment.
According to media reports, this latest funding increases the total capital raised by COLABS to over $5 million with its earlier investors including Indus Valley Capital, Fatima Gobi Ventures, and Zayn Venture Capital.
With expansion plans, COLABS has completed its registration in Saudi Arabia and aims to build on its domestic achievements by entering the Saudi market.
Omar Shah, co-founder and CEO of COLABS, said, “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.”
Omer Zabit, Principal at Shorooq Partners, commended COLABS for its significant growth and pivotal role in Pakistan’s startup ecosystem amid economic challenges. He highlighted their support for Colabs’ next growth phase as it ventures into Saudi Arabia, which he described as one of the region’s most promising markets.
Moreover, COLABS has collaborated with the Pakistan Air Force to develop the National Aerospace Science and Technology Park, featuring a facility with over 1,000 seats dedicated to advancing Pakistan’s burgeoning aerospace sector.
COLABS, founded in 2019, has since multiplied its revenue and workspace capacity by five, reaching net profitability. The company manages 10 locations offering over 5,000 seats and employs more than 300 people.
It collaborates with over 250 partners like Google Cloud, AWS, Redbull, and Spotify, serving major clients such as EY, Endeavour, and Coca-Cola.
In addition to its core services, Colabs has launched initiatives like Pitch to Win and the Freelancer Fellowship program, which provides free workspace to over 100 freelancers each quarter.
