Lahore-based startup Colabs, which offers small and medium enterprises, entrepreneurs, and freelancers spaces and a tech platform to build and grow their businesses, announced on Thursday that it has raised an additional $2 million in a Pre-Series A funding round.
In a press statement, the startup revealed that this latest funding brings their total venture capital raised to over $5 million 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.
Colabs currently boasts more than 10 locations, 5,000 members, and partnerships with prominent companies like EY, Endeavor, Spotify, and Google Cloud.
The statement also highlighted the company’s plans to expand into Saudi Arabia with the new $2 million funding, aiming to replicate its success by promoting a culture of innovation, networking, and community building in the country.
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“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 noted, adding that the company has secured over $5 million in total funding from top investors such as Shorooq Partners, Indus Valley Capital, Fatima Gobi Ventures, Zayn VC, and other leading angels.
The statement emphasized that “despite the lack of government support and a challenging economic landscape, Pakistan’s IT and tech sectors have remained resilient,” and mentioned that Colabs has offered free workspace and internet access during times of turmoil.
Additionally, the company has partnered with Google Cloud to launch “Google Cloud for Startups,” providing startups across the country with sessions on data transformation, generative AI, and cybersecurity.
