Nigerian tech-enabled mobility startup Shuttlers has raised a US$4 million to scale operations across cities in Africa. Shuttlers helps professionals book a seat on preferred route, pay for seat and track the location of their preferred mode of transportation, and receive push notifications on information relating to the service such as arrival and departure times
The $4 million in equity funding was led by Verod-Kepple, a leading venture capital firm, with follow-on investment from Vested World, Echo VC, CMC 21 & Alsa, and SheEquity.
According to Shuttlers CEO (aka our Superhuman In Chief) Damilola Olokesusi: “We are thrilled to have Verrod Kepple, Vested Word, CMC 21 & Alsa, and SheEquity as partners in our mission to transform passenger transportation in Nigeria. This additional funding will allow us to build the infrastructure we need to power mass transit and expand our reach to more communities in Nigeria.”
With this new funding, the firm plans to optimise its transportation solutions and accelerate growth in Nigeria, which includes building infrastructure to power mass transit, dominating Lagos, enabling improved employee transportation for corporates, and expanding to other cities within Nigeria.
Shuttlers will drive impact in communities across the country, create jobs, reduce carbon footprint, create safer experiences for women, and build communities.
The firm has build a loyal customer base in Lagos and is rapidly expanding its services to other cities in Nigeria. With this new funding, more people will benefit from its safe, reliable, and affordable shared mobility service.
“We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation to Nigerians,” said Ory Okolloh, Managing Partner at VKav. “Their commitment to creating impact aligns with our vision for investing in companies that impact society positively. We look forward to working closely with Shuttlers to help them achieve their goals.”
Founded in 2016 by Damilola Olokesusi, Shuttlers permits commuters to move in comfort along selected routes at reasonable rates, with trips along fixed routes going for up to 80 per cent lower than other ride-hailing services.
Commuters are moreover able to take charge of their plans with Shuttlers’ subscription feature which enables them to book rides in advance over an amplified period of choice. So far, the startup has facilitated over five million trips.
The startup operates utilizing 3 models, a B2B2C model where companies pay a portion of the transport fares of their workers, a B2B model where the business clients pay the full transport passage of workers, and B2C where workers and people pay for their trips.
In 2021, Shuttlers raised US$1.6 million seed funding led VestedWorld, a Chicago-based, Africa-focused venture capital company, with participation from Interswitch, Rising Tide Africa, Launch Africa Ventures, EchoVC Partners, CMC 21, Alsa, ShEquity, Five35, Consonance, CcHub Syndicate, Sakore, and Nikky Tarus.
“We believe that Shuttlers has the potential to transform the way people move around the world. VestedWorld has invested in nearly 30 companies in East and West Africa and we are proud to be a continued partner in Shuttlers’ journey.” said Nneka Eze, General Partner at VestedWorld.
Shuttlers is on a mission to transform passenger transportation in Nigeria, and with this new funding, its one step closer to achieving its goals.