Nigerian-based ride-sharing startup, Shuttlers, has raised $4 million in its latest funding round to expand its services, building on the growth it has recorded so far.
The round was led by Verod-Kepple Africa Ventures (VKAV). Participating investors include VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC. This latest investment brings Shuttlers’ total funding to $5.6 million after it previously secured $1.6 million in seed funding.
“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’ co-founder and CEO, Damilola Olokesusi, said about the new funding.
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The lead investor, VKAV, disclosed that it has so far raised $43 million in its ongoing African-focused venture fundraising campaign, adding that it has invested in some startups in the continent, including Shuttlers.
The mobility startup said in addition to its plan to use the funding to build infrastructure to support its mass transit business, it also plans to expand its market share to compete in the growing ride-sharing market in Africa, where players like Treepz, which recently raised $1.2 million and expanded operations to Kenya, are building massive customer-base. The startup also plans to hire more personnel in sales, marketing, and customer support departments.
Shuttlers provides bus-sharing services for professionals, and has seen its business grow in two Nigerian major cities – Lagos and Abuja – since it was launched in 2016.
The startup said it serves over 80 corporate clients using its 260 buses across 300 routes in Lagos and Abuja every day. Its clients include Interswitch, MainOne, and Paga. Shuttlers said it has more than 70,000 users who have taken a ride on its platform, and has recorded 3 million trips, selling more than 9,000 tickets to both individuals and corporate organizations, according to information on its website.
VKAV’s Managing Partner, Ory Okolloh, said that the firm is thrilled to support Shuttlers in its mission to provide safe, reliable, and affordable transportation to Nigerians.
“We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation to Nigerians,” said Ory Okolloh. “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.”
Similarly, Nneka Eze, General Partner at VestedWorld, believes that Shuttlers has the potential to transform the way people move around the world. She said that “the investment firm is proud to be a continued partner in Shuttlers’ journey.”