COLABS, Pakistan’s venture-backed workspace platform, announced raising $2 million in a pre-Series A funding round.
The funding round was led by Shorooq Partners, with participation from Saudi-based Waad Investment.
The fresh capital is to be deployed for the company’s strategic expansion into Saudi Arabia and the broader MENA region, it said.
“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,” Shah said.
The venture’s plans in Saudi Arabia include providing essential infrastructure and support for startups, freelancers, and entrepreneurs, mirroring its impactful presence in Pakistan.
The latest investment brings COLABS’ total funding to over $5 million.
Since its inception, COLABS has experienced rapid growth, increasing revenue and workspace capacity five-fold, while achieving net profitability.
COLABS has also 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.
