Lahore-based COLABS receives initial funding of $ 3 million

 Lahore-based COLABS receives initial funding of $ 3 million

COLABS, a Lahore-based startup that enables small and medium-sized businesses, entrepreneurs and freelancers to build and grow their business through their space and technology platform, has raised $ 3 million.

The phase is led by Indus Valley Capital, Zayn Capital and Fatima Gobi Ventures. This is the first time that three of Pakistan's leading virtual providers have joined forces to invest in a startup. The rounds were also attended by Shorooq Partners, Kinnow Capital, Muir Capital, Sai Ventures and several key angels, including Turner Novak, William Hockey and Teddy Himler.

COLABS was founded in 2019 by Omar Shah, a former private equity and venture capitalist, and his twin, Ali Shah, who runs the long-established real estate and development company SABCON, which designs and builds facilities at COLABS. The team leader also includes Fatima Mazhar (COO), who was one of Careem's first directors and helped measure the company in various international markets.

COLABS started as a state-of-the-art coworking platform in Lahore, but has since grown to offer many additional services and tools to entrepreneurs and freelancers, including training bootcamps and a SaaS platform for back-office solutions such as business. integration. , talent sourcing and management, payroll processing and compliance with legal and tax regulations.

Aatif Awan, founder and managing partner of Indus Valley Capital, said:

When I first visited COLABS, I saw community and energy as a microcosm of Pakistan's fast-growing technological ecosystem. We are excited to work with the COLABS team to help them build a leading platform and community that will accelerate the growth of Pakistan's technology startups, freelancers and global companies expanding in Pakistan.

From the beginning, COLABS went in a different direction than ordinary coworking spaces by creating a unique brand design. Today, COLABS has a partner network of more than 100 organizations involved in developing initiatives to support ecosystem growth in Pakistan's startup. COLABS has been at the heart of Pakistan's startup program through events, networking forums and accelerating startups.

One of the many ways COLABS can influence is to hold more than 250 startup community events each year with a total of more than 200,000 visitors. The facility sees community members grow, hire the right talent, increase investment and thrive with the support provided by COLABS. Omar Shah, co-founder and CEO of COLABS, said:

We established COLABS to help accelerate the startup ecosystem in Pakistan and we are very proud of what we have achieved in more than three years. Although we are primarily seen as a cooperative operator, we have built a solid base to allow independent workers, startups and even international companies to enter, start and run their business in Pakistan. Now anyone who wants to start a business in Pakistan can use COLABS not only as a place to work, but as a partner who manages their various back office functions.

With the capital we have gained today from leading investors, we are now looking to expand our range of software solutions and productive services, which in addition to our network can be extended to people and institutions in addition to revitalizing the world. - class talent to our existing team of rock stars, "he added.

Faisal Aftab, co-founder and managing partner of Zayn Capital, said:

I was looking forward to COLABS becoming one of the key players in the startup ecosystem in Pakistan. We were lucky to meet some of the startups we invested in in their areas. Omar and his team continue to do a great job of accelerating the growth of the startup ecosystem here, and we are excited to join their journey to serve thousands of founders and freelancers across Pakistan.

In recent years, diversity, honesty and inclusive policies have become prominent in many societies, but much more needs to be done. Different perspectives provide different teams with better problem-solving skills, leading to better employee engagement and productivity.

"We set an example in terms of inclusiveness and diversity, and we support the same community as in COLABS," Fatima Mazhar said of the COLABS culture.

With this investment, COLABS seeks to unite a community of 100,000 entrepreneurs and freelancers in Pakistan, with 10,000 members over the next two years. This ambition will be achieved through national expansion into major cities in Pakistan such as Karachi and Islamabad. The strong foundations that have been built over the last two years will enable COLABS to achieve the desired goal.