Shuttlers, Nigeria’s leading tech-enabled, scheduled mass transit company has raised an additional $4 million in equity funding to accelerate the growth of its transportation solution in Nigeria.
This latest funding round was led by Verod-Kepple Africa
Ventures (VKAV), a leading pan-African focused venture capital firm, with
follow-on investments from VestedWorld, SheEquity, CMC 21 & Alsa, and Echo
VC.
The additional 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, which will drive
impact in communities across the country.
Impact is a key pillar of Shuttlers’ mission, and the
company is committed to building a global network of vehicle-partners, creating
jobs, reducing commuters’ carbon footprint by 85%, creating safer experiences
for commuters, particularly women, and building communities.
“We are thrilled to have VKAV, VestedWorld, SheEquity, CMC
21 &Alsa, and Echo VC as partners in our mission to transform mass transit
experience around the world,” said Damilola Olokesusi, CEO and co-founder of
Shuttlers.
“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 $5.6 million. In the
past 18 months Shuttlers has achieved remarkable traction, growing its fleet by
150% and expanding its routes by 25x, with a 280% increase in passengers moved
daily. 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,” saidOryOkolloh, 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.”
“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. “Since we
led Shuttlers’ first external investment round in 2021, we have witnessed a 25x
growth in routes and the development of proprietary technology that is
world-class.
We are confident in Damilola, Akachukwu, and the Shuttlers
team, and the future growth and impact they will have on commuting. We look
forward to supporting their journey to revolutionize the transportation
industry.”