Colabs raises $3 million seed to make it straightforward for entrepreneurs and freelancers to construct and develop companies in Pakistan
Lahore-based Colabs has raised $3 million in a seed spherical led by Indus Valley Capital, Zayn Capital, and Fatima Gobi Ventures, it introduced in an announcement on Friday. It’s the first time these three main Pakistan-focused VCs are investing collectively in a startup, famous the assertion. Colabs had beforehand raised $1 million in a pre-seed spherical. The spherical was additionally joined by Shorooq Companions, Kinnow Capital, Muir Capital, Sai Ventures, and some angel traders together with Turner Novak, William Hockey, and Teddy Himler.
Based in 2019 by twin brother; Omar and Ali Shah, Colabs permits startups and freelancers to construct and develop their companies by means of its coworking areas and completely different different providers. The startup had began with one of many largest coworking areas within the nation and has rapidly grown to turn out to be an vital participant within the native ecosystem with choices like enterprise incorporation, instructional bootcamps, and back-office options, together with expertise sourcing and administration, payroll administration, and authorized and tax compliance.
With the most recent funds, the Lahore-based startup now needs to construct a tech layer on high of all these choices to supply them to startups, freelancers, and different companies everywhere in the nation.
Omar Shah, co-founder and CEO of Colabs, mentioned, “We had based Colabs to assist speed up the Pakistani startup ecosystem and we’re very pleased with what we now have achieved in just a little over three years. Regardless that we’re primarily seen as a coworking operator, what we now have constructed is a stable basis to make it straightforward for freelancers, startups, and even worldwide firms getting into Pakistan, begin and handle their companies. Right this moment anybody trying to begin an organization in Pakistan may use Colabs not solely as a spot the place they work but in addition as a associate that manages their completely different back-office features.”
Colabs additionally plans to make use of the funds to gas its growth throughout Pakistan – beginning with co-working areas in Karachi and Islamabad. It goals to have a neighborhood of over 10,000 members within the subsequent two years. The corporate claims to have hosted over 250 startup occasions in Pakistan since its founding, attracting over 200,000 guests to its facility up to now. It plans to proceed to assist Pakistan’s startup ecosystem by means of completely different initiatives. The primary of such initiatives is Cogrow, a web-based platform that may mixture and record startups, funding companies, and tech jobs.
Aatif Awan, Founder and Managing Accomplice of Indus Valley Capital, mentioned, “The primary time I visited Colabs, I discovered the neighborhood and power to be a microcosm of the fast-growing Pakistani tech ecosystem. We’re thrilled to associate with the Colabs crew to assist them construct the main platform and neighborhood that may energy the expansion of Pakistani tech throughout startups, freelancers, and international firms increasing into Pakistan.”
Faisal Aftab, Co-Founder & Managing Accomplice of Zayn Capital mentioned, “I’ve intently watched Colabs develop into one of many key gamers in Pakistan’s startup ecosystem. We had been lucky sufficient to have met among the startups we invested in, at their areas. Omar and his crew proceed to do glorious work to speed up the expansion of the startup ecosystem right here and we’re excited to hitch their journey in serving tens of hundreds of founders and freelancers throughout Pakistan.”
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