Shuttlers is one of Nigeria’s leading scheduled mass transit providers and aims to use the funds to expand its transportation solution.
Shuttlers, a leading Nigerian tech-enabled, scheduled mass transit company, has secured an additional USD 4 million in equity funding to expedite the growth of its transportation solution. This investment follows a successful USD 1.6 million seed round in November 2021 and will be used to bolster the company’s infrastructure, expand its presence to additional Nigerian cities, and provide employee transportation services for more businesses.
Shuttlers – Transforming the mass transit experience
Damilola Olokesusi, founder of Shuttlers, emphasized that the company is committed to revolutionizing the mass transit experience globally. She expressed her delight in partnering with Verod-Kepple Africa Ventures (VKAV), a leading pan-African focused venture capital firm, and other follow-on investors. The funding will enable Shuttlers to expand its operations to more Nigerian communities and solidify its position as the dominant shared mobility provider in Lagos.
“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.”
Commitment to impactful change
Shuttlers’ commitment to providing safe, reliable, and affordable transportation solutions to Nigerians aligns with VKAV’s vision for investing in entrepreneurs who solve significant challenges and companies that make a positive impact on society. Ory Okolloh, partner at VKAV, expressed enthusiasm in supporting Shuttlers’ mission and working closely with the company to achieve its objectives.
“We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation and shared mobility solutions to Nigerians,” said Okolloh. “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.”
Growth trajectory
Shuttlers has raised a total of USD 5.6 million in funding, and within the past 18 months, the company has increased its fleet size by 150% and expanded its routes by 25 times. Shuttlers has established a loyal customer base in Lagos and is rapidly expanding to other Nigerian cities. With this investment, the company is poised to achieve remarkable success in the mobility industry.
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