Pakistani Coworking Giant COLABS Raises $2 Million to Fuel Regional Growth
COLABS has announced a successful $2 million pre-Series A funding round. The round was led by UAE-based alternative investment company Shorooq Partners, with participation from Saudi Arabia’s Waad Investment. It is a leading provider of flexible workspaces in Pakistan. This investment will fuel the company’s strategic expansion into Saudi Arabia. Additionally, the move will solidify its position as a dominant player in the MENA region.
Building on a Strong Foundation
This latest funding brings COLABS’ total investment to over $5 million, demonstrating strong investor confidence in the company’s growth trajectory. Previous investors include prominent names such as Indus Valley Capital, Zayn Capital, and Fatima Gobi Ventures.
Since its inception in 2019, the company has experienced remarkable growth. With over 5,000 seats across 10 locations and a team of over 300 employees, COLABS has achieved impressive profitability. Consequently, the Pakistani company has witnessed a fivefold increase in revenue.
Expanding into Saudi Arabia and Beyond
The new funding will be strategically utilized to establish a strong presence in the Saudi Arabian market. It is leveraging the ambitious goals outlined in Saudi Vision 2030 by the oil rich nation’s Crown Prince. “With KSA Vision 2030, the market in Saudi Arabia is ripe for companies like ours to open and take advantage,” said Omar Shah, CEO and co-founder of COLABS. This expansion will further solidify COLABS’ position as a leading provider of flexible workspaces across the MENA region.
COLABS: A Pioneer in the Pakistani Coworking Space
COLABS stands out as the only coworking space in Pakistan to secure significant VC funding from top-tier investors post-WeWork. This achievement underscores the company’s unique value proposition and its ability to navigate the evolving landscape of the flexible workspace industry.
A Hub for Innovation and Growth
COLABS serves a diverse range of members, including freelancers, established enterprises like Digital Ocean and Glow Insurance, and strategic partners such as Google Cloud. The company also plays a crucial role in supporting the growth of Pakistan’s aerospace sector through its partnership with the Pakistan Air Force, operating a 1,000+ seat facility within the National Aerospace Science and Technology Park.
Driving Growth in the Pakistani Startup Ecosystem
While the Pakistani startup ecosystem experienced a funding slowdown in the first half of 2024, COLABS’ successful funding round signals a resurgence in investor interest. Recent successes by other Pakistani startups, such as PostEx, Zyp Technologies, and DealCart, further reinforce the growing potential of the Pakistani startup ecosystem.
COLABS’ $2 million pre-Series A funding marks a significant milestone for the company and the Pakistani startup ecosystem. This investment will empower COLABS to expand its reach, drive innovation, and solidify its position as a leading player in the evolving landscape of flexible workspaces across the MENA region.
