COLABS
Overview
COLABS is a rapidly growing coworking platform based in Lahore, Pakistan, designed to offer flexible workspace solutions and business support services. Founded in 2019 by Omar Shah and Ali Shah, the company aims to foster a community of entrepreneurs and freelancers by providing innovative workspaces. As of 2024, COLABS has accumulated over $5 million in funding, with ambitions to expand within the Middle East and North Africa (MENA) region, particularly into Saudi Arabia.
Recent Developments
- October 2024: COLABS raised $2 million in a pre-Series A funding round led by Shorooq Partners, with participation from Saudi Arabia's Waad Investment, positioning the company for strategic expansion into the MENA region. This funding brought their total venture capital raised to over $5 million.
- March 2022 - October 2024: COLABS has expanded its operations significantly, boasting over 5,000 seats across 10 locations. The company has also established partnerships with over 250 ecosystem enablers, including enterprises such as Google Cloud, AWS, and global corporations like EY and Coca-Cola.
- 2024: As part of their international expansion strategy, COLABS has completed company registration in Saudi Arabia. The expansion aims to replicate its success in Pakistan by fostering innovation and community building in new markets.
- Despite the challenges presented by the global coworking industry post-WeWork collapse, COLABS remains the only coworking space in Pakistan to have raised significant venture capital funding.
- COLABS has also launched various initiatives aimed at nurturing startups and entrepreneurs, including "Pitch to Win" and "Freelancer Fellowship Program," which encourage innovation and networking within their rapidly expanding community.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | Lahore, Pakistan |
| Founders | Omar Shah, Ali Shah |
| Revenue | Undisclosed |
| Profits | Achieved Net Profitability |
| Key Investors | Shorooq Partners, Waad Investment, Indus Valley Capital, Zayn Capital, Fatima Gobi Ventures |
| Industry | Office Services (B2B) |
| Number of Employees | 300+ |
Early History
COLABS was founded in 2019 by Omar Shah, a former private equity and venture capital investor, along with his twin brother Ali Shah, who runs a family real estate business. The startup was driven by the vision to create ease in doing business in Pakistan by providing entrepreneurs with flexible coworking solutions. Starting with a flagship workspace in Lahore, COLABS quickly expanded to multiple locations, gaining a reputation as a preferred space for startups and freelancers.
The early years saw COLABS pioneering in Pakistan's burgeoning startup ecosystem, providing a critical infrastructure that supported numerous entrepreneurial endeavors. The founders' efforts to establish a comprehensive workspace model were bolstered by strategic investments and the development of a scalable business model focused on community and connection.
Company Profile and Achievements
COLABS operates by providing flexible workspace solutions tailored to different business needs, ranging from private offices to open coworking spaces. Their model also offers additional business support services, including talent sourcing, legal compliance, and IT support, aimed at streamlining startup operations. Significant milestones include:
- 2022-2024 Growth: Achieving a fivefold increase in workspace capacity and revenue.
- Network Expansion: Building a supportive ecosystem of over 250 partners including incubators, and industry giants like Spotify and Google Cloud.
- Innovation Initiatives: Launching educational and networking events, boosting professional growth among members.
- International Ambitions: Establishing groundwork to replicate their successful model across the MENA region, focusing on Saudi Arabia.
- Cultural Impact: Hosting significant startup-related events, cementing their role as a cornerstone of the Pakistani entrepreneurial landscape.
Current Operations and Market Position
Currently, COLABS is the leading coworking platform in Pakistan, with plans to expand internationally. With over 5,000 members utilizing their services in 10 locations, the company stands out for its ability to cater to both small and large enterprises while promoting a collaborative environment. Their growth strategy includes enhancing technological interfaces such as the COLABS Connect app, which facilitates seamless space booking and networking among members.
Conclusion
COLABS has established itself as a pivotal player in the coworking industry within Pakistan, showcasing resilience and strategic growth amidst global challenges. By focusing on community development and technological integration, COLABS not only enhances the workspace experience but also builds a scalable model poised for international expansion. As they prepare to enter the Saudi market, COLABS aims to continue driving innovation and fostering entrepreneurship, indicating a bright future both domestically and abroad.