To speed up the expansion of its transportation solution, Shuttlers, a leading tech-enabled scheduled mass transit company in Nigeria, has raised an additional US $4 million in equity funding.
Damilola Olokesusi founded Shuttlers in 2016, a service that enables commuters to travel comfortably along specific routes for a reasonable price. With the subscription feature of Shuttlers, commuters can take control of their schedules by pre-reserving rides for a long period of time.
Following a US $1.6 million seed round in November 2021, the startup has now raised a US $4 million Series A round, led by Verod-Kepple Africa Ventures (VKAV), a renowned pan-African venture capital firm. Additionally, it includes add-on investments from VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC.
With the money, Shuttlers will be able to expand to other cities in Nigeria, strengthen its position as the top provider of shared mobility in Lagos, provide employee transportation for more businesses, and build the infrastructure needed to power mass transit in that country.
“We are thrilled to have VKAV, VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC as partners in our mission to transform the mass transit experience around the world,” said Olokesusi. “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. We believe that shared mobility can have a transformative impact on our society, and we are committed to driving that change.”
Having raised a total of US $5.6 million, Shuttlers has increased the size of its fleet by 150% and the number of its routes by 25X over the last 18 months. The business has already amassed a devoted clientele in Lagos and is swiftly extending its offerings to other Nigerian cities.
“We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation and shared mobility solutions to Nigerians,” said Ory Okolloh, partner at VKAV.
“Their commitment to creating impact aligns with our vision for investing in entrepreneurs who are solving significant challenges and companies who have a positive impact on society. We look forward to working closely with Shuttlers to help them achieve their goals.”