- COLABS raises $2 million in pre-Series A round led by Shorooq Partners, with participation from Saudi-based Waad Investment, bringing total funding to over $5 million
- Funding to accelerate COLABS’ expansion into Saudi Arabia and the broader
MENA region, capitalizing on the booming entrepreneurship ecosystem
- COLABS has grown revenue and workspace capacity fivefold, achieving net profitability with over 5,000 seats across 10 locations
LAHORE, Pakistan, October 24, 2024 — COLABS, Pakistan’s premier venture-backed workspace platform, today announced it has raised $2 million in a pre-Series A funding round led by Shorooq Partners, with participation from Saudi-based Waad Investment. This latest investment brings COLABS’ total funding to over $5 million, positioning the company for strategic expansion into Saudi Arabia and the broader MENA region.
“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 and CEO of COLABS. “Our success in Pakistan has proven the strength of our model in fostering innovation and supporting startups. Now, we’re excited to bring this blueprint to new markets, empowering entrepreneurs across the region and contributing to the dynamic growth of the MENA startup landscape.”
Since its inception, COLABS has experienced rapid growth, increasing its revenue and workspace capacity fivefold while achieving net profitability. The platform now boasts over 5,000 seats across 10 locations and a team of more than 300 employees.
COLABS has established partnerships with over 250 ecosystem enablers, including Google Cloud, AWS, Redbull, and Spotify, and has supported hundreds of companies, including global corporations like EY, Endeavour, and Coca-Cola.
The company has also launched initiatives such as Pitch to Win and the Freelancer Fellowship program, further solidifying its role in the startup ecosystem. With its MENA operations established and company registration completed in Saudi Arabia, COLABS is poised to replicate its successful model in new markets.
Omer Zabit, Principal at Shorooq Partners, commented on the investment: “COLABS has demonstrated impressive growth, emerging as a key player in Pakistan’s startup landscape despite local macroeconomic challenges. We are proud to support their next phase of growth as they expand into Saudi Arabia, one of the most exciting markets in the region.”
As COLABS expands into Saudi Arabia, it aims to provide essential infrastructure and support for startups, freelancers, and entrepreneurs, mirroring its impactful presence in Pakistan.
About COLABS
COLABS is Pakistan’s fastest-growing flexible workspace and the only venture-backed company in this sector. Thoughtfully designed to inspire collaboration, productivity, and innovation, COLABS serves as a vibrant platform and expansive network for entrepreneurs and companies, enabling people and businesses to grow.
COLABS is backed by regional venture capital firms including Shorooq Partners, Indus Valley Capital, Fatima Gobi Ventures, Zayn VC, Waad Investment & key angel investors.
For more information about COLABS and its services, please visit colabs.pk
About Shorooq Partners
Founded in 2017, Shorooq Partners is the leading alternative investment manager across the Middle East and North Africa regions. The firm’s venture capital and private credit funds invest in the most innovative technology companies, with deep sectoral expertise in Fintech, Platforms, Software, Gaming, and Web3.0. Shorooq Partners has backed market leading disruptors including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo.
Since its inception, Shorooq Partners was built on the principle of being founders’ partners, company builders and value investors.Shorooq Partners is a pan regional firm with direct and indirect presence across Abu Dhabi, Dubai, Riyadh, Egypt and Korea.
Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004) is a member.
For questions and inquiries, please contact:
For media inquiries, please contact:
Minhaj Ahsan
+92 310 3333567 media@colabs.pk www.colabs.pk
Connect with COLABS: X @colabspk, LinkedIn colabspk, Instagram @colabspk