Shuttlers Raises $4m Equity Funding To Boost Nigerian Transport Sector

Nigeria’s tech-enabled scheduled mass transit company, Shuttlers, has raised an additional $4 million in equity funding to accelerate the growth of its transportation solution the country.

This latest funding round was led by a pan-African focused venture capital firm, Verod-Kepple Africa Ventures (VKAV), with follow-on investments from VestedWorld, SheEquity, CMC 21 & Alsa, and Echo VC.

The additional funding will enable Shuttlers build infrastructure to power mass transit in Nigeria, build on its dominance as the leading shared-mobility provider in Lagos, enable employee transportation for more corporates, and expand to other cities within the country, which will drive impact in communities across Nigeria.

Impact is a key pillar of Shuttlers’ mission, and the company is committed to building a global network of vehicle-partners, creating jobs, reducing commuters’ carbon footprint by 85 per cent creating safer experiences for commuters, particularly women, and building communities.

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CEO and co-founder of Shuttlers, Damilola Olokesusi, in a press statement, made available to LEADERSHIP said, Shuttlers is thrilled to have VKAV, VestedWorld, SheEquity, CMC 21 and Alsa, and Echo VC as partners in our mission to transform mass transit experience around the world.

“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.

shared mobility can have a transformative impact on our society, and we are committed to driving that change,” Olokesusi explained.

Shuttlers has now raised a combined $5.6 million. In the past 18 months, Shuttlers has achieved remarkable traction, growing its fleet by 150 per cent and expanding its routes by 25x, with a 280 per cent increase in passengers moved daily. The company has already built a loyal customer base in Lagos and is rapidly expanding its services to other cities in Nigeria.

Partner at VKAV, Ory Okolloh said: “we are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation and shared mobility solutions to Nigerians.

“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,” said Partner at VKAV, Ory Okolloh.

General partner at VestedWorld, Nneka Eze, added that, “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.

“Since we led Shuttlers’ first external investment round in 2021, we have witnessed a 25x growth in routes and the development of proprietary technology that is world-class. We are confident in Damilola, Akachukwu, and the Shuttlers team and the future growth and impact they will have on commuting. We look forward to supporting their journey to revolutionise the transportation industry.”