Summary:
Colabs raises $2 million in pre-Series A funding to expand into Saudi Arabia.
Total funding reaches over $5 million from top investors.
10 locations and 5,000 members currently served.
Partnerships with major brands like Google Cloud, Spotify, and EY.
Offering free workspace during economic challenges shows resilience.
Colabs Raises $2 Million in Pre-Series A Funding
Lahore-based Colabs, a startup dedicated to providing coworking spaces for small and medium enterprises, entrepreneurs, and freelancers, has successfully raised $2 million in its pre-Series A funding round. This funding brings its total venture capital to over $5 million from prominent investors.
Omar Shah, co-founder of Colabs, expressed that this funding is a pivotal moment for the company as they aim to tap into the MENA market, especially focusing on Saudi Arabia's burgeoning entrepreneurial ecosystem.
Currently, Colabs boasts more than 10 locations and 5,000 members, with notable partnerships including EY, Endeavor, Spotify, and Google Cloud. The new funding will enable the startup to replicate its success in Saudi Arabia, fostering a culture of innovation, networking, and community building.
Despite facing challenges in the global coworking industry, Colabs stands out as the only coworking space in Pakistan to secure venture capital funding following the WeWork crash. The funding was led by Shorooq Partners, Indus Valley Capital, Fatima Gobi Ventures, Zayn VC, and various leading angel investors.
The startup has also demonstrated resilience in the face of economic challenges, providing free workspace and internet access during turbulent times. Additionally, Colabs has collaborated with Google Cloud to launch Google Cloud for Startups, offering sessions on data transformation, generative AI, and cybersecurity to startups across Pakistan.
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