Shuttlers, a leading Nigerian shared mobility company, has closed a new funding round worth $4 million. This round saw contributions from follow-on investors such as VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC, bringing its total venture backing to over $5.6 million. The funding round was led by Verod-Kepple Africa Ventures (VKAV), a Pan-African based venture capital firm.
Shuttlers’ existing network reaches across 300 routes in Nigeria’s major cities, Lagos and Abuja, and involves over 250 buses which passengers can book their rides on through the company’s app. Company-booked trips, be it for employees or individuals, can make use of digitally paid for tickets in the form of a bus-sharing platform. Shuttlers offers a very convenient means of transportation, both for corporate trips and commutes, as well as regular passengers, to get around the country with ease.
Since it was founded four years ago by CEO Damilola Olokesusi, the company has seen a substantial amount of growth – it now sells over 7,000 tickets a day, to both corporate employees and unaffiliated individuals, and has successfully processed over $1 million in fares. As well as providing a better and more convenient means of transportation, Shuttlers has managed to reduce stress on the roads and in congested cities as it encourages people to take public transportation and decrease private car ownership. The company also claims to have reduced its commuters’ carbon footprint by 85% (about 4 million pounds of carbon dioxide emission).
Damilola Olokesusi is the CEO and co-founder of Shuttlers. Since launching the company in 2016, Olokesusi has been focused on bringing effective and innovative solutions to Nigerian transport. Having gone from just 100 buses plying 30 routes to over 260 buses and 300 routes across Lagos and Abuja in a span of 18 months, the charismatic leader has seen his creation come a long way. The startup’s existing customer and partner base, including Interswitch, MainOne and Paga, is just a testament to his unwavering dedication.
The $4 million influx of cash, which is set to build infrastructure to power its mass transit business; enable employee transportation for more companies; and gain a larger market share in a space that includes the popularly covered mobility startup Treepz, will also fund hiring efforts in its sales, marketing, and customer support departments. Mr. Olokesusi also added that Shuttlers intends to go live in five other cities across the country by next year.
By working to decrease pollution and congestion, encouraging individuals to take public transportation, and making transportation more easily accessible, Shuttlers is not only providing an admirable humanitarian service but is also improving Nigeria’s transport infrastructure for the better. As the company’s venture backing totals rise, it looks to expand further and bring its innovative solutions to many more people.