Shuttlers, a prominent tech-enabled, scheduled mass transit provider in Nigeria, has secured US$4 million in equity capital to further expand its services.
Leading pan-African venture capital firm Verod-Kepple Africa Ventures (VKAV), took the lead in the investment round. Along with that, it features follow-up investments from VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC.
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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 during the last 18 months.
Shuttlers, a company founded in 2016 by Damilola Olokesusi, enables commuters to travel in comfort along specific routes at a reasonable price.
With Shuttlers’ subscription option, commuters can take control of their schedules by scheduling rides in advance for a long period of time.
“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.”
In addition to aggressively growing its services in Lagos, the company is also targeting customers in other major cities across Nigeria.
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With the funding, 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 additional businesses, and construct the infrastructure needed to power mass transit in that country.
