Lahore-based startup Colabs, which provides small and medium enterprises, entrepreneurs and freelancers with spaces and a tech platform to build and grow businesses, announced on Thursday that it raised $2 million in Pre-Series A further funding round.
In a press statement, the startup announced that it had “raised an additional $2m in pre-series A, bringing the total to over $5m in venture capital funding from top investors”.
“This funding marks a pivotal moment for Colabs as we set our sights on the vibrant MENA market, with a particular focus on Saudi Arabia’s flourishing entrepreneurial ecosystem,” said Omar Shah, co-founder of Colabs.
The company currently has more than 10 locations, 5,000 members, and partnerships with companies like EY, Endeavor, Spotify, and Google Cloud.
The statement also highlighted that the company is set to expand to Saudi Arabia with the new $2m funding, aiming to replicate “its success by promoting a culture of innovation, networking, and community building” in the country.
“Despite challenges in the global coworking industry, Colabs is the only coworking space in Pakistan to raise venture capital funding (post-WeWork crash),” the statement read, adding it secured over total funding of $5m from top investors “led by Shorooq Partners, Indus valley capital, Fatima Gobi Ventures, Zayn VC, and other leading angels”.
It noted that “despite the lack of government support and a challenging economic landscape, Pakistan’s IT and tech sectors have remained resilient”, adding that Colabs offered free workspace and internet access during “times of turmoil”.
Additionally, the company has also partnered with Google Cloud, launching “Google Cloud for Startups” to provide startups countrywide with sessions on data transformation, generative AI, and cybersecurity.
