COLABS has announced a successful pre-Series A funding round of $2 million. The investment, led by Shorooq Partners with participation from Waad Investment, will fuel COLABS’ expansion into Saudi Arabia and the broader MENA region.
This latest funding brings COLABS’ total investment to over $5 million, positioning it for strategic growth. The company, founded in 2019, now boasts 5,000 seats across 10 locations and a team of over 300 employees. Notably, COLABS has achieved profitability and experienced a five-fold increase in revenue in the past year.
COLABS’ CEO and co-founder, Omar Shah, highlighted the company’s strong financial performance and the potential of the Saudi Arabian market. He emphasized the alignment between COLABS’ offerings and Saudi Arabia’s Vision 2030, which aims to foster economic diversification and innovation.
Sharing the news on LinkedIn, Omar Shah said,
The purpose behind COLABS was to create the best possible community of startups and act as a gateway into Pakistan. I am confident in COLABS and my team’s ability to support this ecosystem and to replicate the same in the MENA region.
At COLABS today they have achieved:
🏢 10+ Locations, with 5000 members across 300+ companies
💸 US$5m in funding raised
🤝 250+ Partners with 1000+ events
📈 Achieved profitability + 5x Revenue growth
🤼 300+ Person super team
The investment in COLABS is a positive sign for Pakistan’s startup ecosystem, which has faced a challenging period with a significant decline in funding during the first half of 2024. However, recent funding rounds for companies like PostEx, Zyp Technologies, DealCart, and Abhi demonstrate a resurgence in investor interest.
COLABS’ strategic partnership with Google Cloud and its collaboration with the Pakistan Air Force on the National Aerospace Science and Technology Park further solidify its position as a leading player in Pakistan’s tech industry.
Source: COLABS CEO
