ISLAMABAD: A major Pakistani flexible workspace and community platform, which aims to empower startups and tech ventures, has secured an additional $2 million in a pre-Series A funding round, said a statement released on Thursday, as it plans to expand in Saudi market.
Founded in 2019, COLABS wanted to create a business model to help with ease of doing business in Pakistan.
In five years, the company has emerged as a key player in Pakistan’s tech and venture capital ecosystem, with a presence in more than 10 locations and 5,000 members, as it continues to support startups, freelancers, and creatives.
“The company has raised additional $2m in pre series A, bringing the total to over $5m in venture capital funding from top investors,” the company said in an official handout.
“With a new funding round bringing our total raised to over $5m, COLABS is set to expand into the KSA [Kingdom of Saudi Arabia] market, replicating its success by promoting a culture of innovation, networking, and community building in Saudi Arabia,” it added.
In recent years, Pakistani startups have gained international prominence by raising significant amounts of capital and entering international markets, especially in the Gulf region.
COLABS supports technology entrepreneurs through initiatives like the Freelancer Fellowship and Pitch to Win.
“Our members have collectively raised over $1Billion in funding and expanded their footprint through COLABS,” the company added.
