Lahore-based coworking platform COLABS has successfully raised $2 million in a pre-Series A funding round, led by UAE’s Shorooq Partners with participation from Saudi Arabia’s Waad Investment. The newly acquired funds will be directed towards establishing a new campus in Saudi Arabia, as the company gears up for a Series A round next year, according to CEO Omar Shah.
This latest investment brings COLABS’ total funding to over $5 million, with previous backing from notable investors such as Indus Valley Capital, Zayn Capital, and Fatima Gobi Ventures. Founded in 2019, COLABS has rapidly expanded to offer 5,000 seats across 10 locations, employing over 300 people. The company has seen its revenue grow fivefold and has been profitable since 2023, with existing locations achieving margins of 40-50 percent.
CEO Omar Shah highlighted the opportunities presented by Saudi Arabia’s Vision 2030, which aligns with the increasing interest from venture capitalists. COLABS stands out as the only Pakistani coworking space to secure venture capital funding following the collapse of WeWork, attracting top investors like Indus Valley Capital and Fatima Gobi Ventures.
In addition to its expansion plans, COLABS has partnered with Google Cloud and the Pakistan Air Force to manage a 1,000-seat facility dedicated to aerospace companies, further solidifying its position as a leading coworking platform in the region.
