Nigerian leading tech-enabled, scheduled mass transit company Shuttlers has raised an additional US$4 million in equity funding to accelerate the growth of its transportation solution.
Founded in 2016 by Damilola Olokesusi, Shuttlers allows commuters to move in comfort along selected routes at affordable rates. Commuters are able to take charge of their schedules with Shuttlers’ subscription feature, which enables them to book rides in advance over an extended period of choice.
The startup raised a US$1.6 million seed round in November 2021, and has now followed that up with a US$4 million Series A led by Verod-Kepple Africa Ventures (VKAV), a leading pan-African focused venture capital firm. It also includes follow-on investments from VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC.
The funding will enable Shuttlers to build infrastructure to power mass transit in Nigeria, build on its dominance as the leading shared-mobility provider in Lagos, enable employee transportation for more corporates, and expand to other cities within Nigeria.
“We are thrilled to have VKAV, VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC as partners in our mission to transform 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.”
Shuttlers has now raised a combined US$5.6 million, and in the past 18 months has grown its fleet by 150 per cent and expanded its routes by 25x. The company has already built a loyal customer base in Lagos and is rapidly expanding its services to other cities in Nigeria.
“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.”
