Shuttlers raises $1.6m seed fund
Nigeria’s leading tech-enabled scheduled bus sharing (mass transit) company, Shuttlers, Thursday announced a $1.6 million seed round and its plans to scale operations into other cities across Africa. This new investment round was led by VestedWorld, a Chicago and Africa-based investment firm with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, […]
Nigeria’s leading tech-enabled scheduled bus sharing (mass transit) company, Shuttlers, Thursday announced a $1.6 million seed round and its plans to scale operations into other cities across Africa.
This new investment round was led by VestedWorld, a Chicago and Africa-based investment firm with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore, and Nikky Taurus also participating.
With Shuttlers, customers now have the option to commute in comfort and at an affordable rate on scheduled and predetermined routes. With the subscription feature on Shuttlers, commuters can schedule rides in advance over a period of time they choose.
Commuters can also book trips along fixed routes at 80 percent lower rates than other ride-hailing services without the surges and peak-period pricing – which is the first of its kind in Nigeria and Africa.
Damilola Olokesusi, co-founder and CEO of Shuttlers, launched the company in 2016 to tackle the inevitable problem of inefficient transportation in cities like Lagos, Africa’s most populous city and Nigeria’s socio-economic nerve centre.
The firm has grown from one route in Ajah to Victoria Island to over 30 routes with over 300 bus-stops, over 100 (unbranded) buses within the city and has recorded over 2m trips taken by commuters.
Olokesusi said: “The negative impact of inefficiencies in the mobility space is visible in the quality of life, mental health, and work productivity of commuters. We also see its impact on the more vulnerable and neglected population in our society; women, children, physically challenged, and the elderly.”
The Managing Director at VestedWorld Nneka Eze said, “We believe our investment will help Shuttlers extend its offering to adjacent markets and help solve inefficiencies in the transportation sector across regions in Africa”.