The venture-backed workspace platform COLABS, based in Pakistan, announced on Thursday that it has raised $2 million in a pre-Series A funding round led by Shorooq Partners and including Waad Investment, a Saudi company.
With this most recent investment, COLABS now has over $5 million in total funding, setting it up for strategic growth into Saudi Arabia and the larger MENA region, the company said in a statement.
“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.”
According to COLABS, the company has grown quickly since its founding, achieving net profitability and tripling its revenue and workspace capacity. The platform currently employs over 300 people and has over 5,000 seats spread across 10 locations.
In addition to supporting hundreds of businesses, including multinational conglomerates like EY, Endeavour, and Coca-Cola, COLABS has forged alliances with more than 250 ecosystem enablers, such as Google Cloud, AWS, Redbull, and Spotify.
To further establish its position in the startup ecosystem, the company has also started programs like Pitch to Win and the Freelancer Fellowship. According to the company, COLABS is ready to replicate its profitable business model in new markets now that its MENA operations have been established and its company registration in Saudi Arabia is complete.
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.”
COLABS hopes to replicate its successful presence in Pakistan by offering crucial infrastructure and support for startups, independent contractors, and business owners as it grows into Saudi Arabia.
