Shuttlers, a Nigerian ride-sharing startup has raised $4 million in a funding round led by Verod-Kepple Africa Ventures (VKAV). Other participants include VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC.
The same startup recently raised $1.6 million in a seed funding round, bringing their total funds raised since their inception to $5.6 million.
Verod-Kepple Africa Ventures (VKAV) recently announced that it raised $43 million in its ongoing fundraising for its pan-African venture fund and it listed Shuttlers as one of the current startups it invested in.
The startup says this new financing secured will help build infrastructure to power its mass transit business, increase its ability to serve more corporates and increase market share, possibly competing with the likes of Treepz who recently raised $1.2 million and started operations in Kenya. It also aims to employ more people in various departments including sales, marketing and customer support.
“We are thrilled to have Verrod Kepple, Vested Word, CMC 21 & Alsa, and SheEquity as partners in our mission to transform passenger transportation in Nigeria. 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.”
Shuttlers CEO and co-founder Damilola Olokesusi
Launched in 2016 by co-founder and CEO Damilola Olokesusi, Shuttlers provides a platform which offers mobility solutions by providing scheduled bus-sharing services for the professionals within Lagos and Abuja.
The startup claims to have 260 buses which go through 300 routes across Lagos and Abuja every day. Its list of 80+ corporate clients include the likes of Interswitch, MainOne and Paga. According to information on its website, Shuttlers sells ver 9,000 tickets daily to individual and corporate passengers and has recorded 3 million trips. It claims that over 70,000 users have taken a ride on its platform.
“We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation to Nigerians,” said Ory Okolloh, Managing Partner at VKAV. “Their commitment to creating impact aligns with our vision for investing in companies that impact society positively. 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.
