Shuttlers, a Nigerian mobility startup, has raised $4 million in a round-headed by Verod-Kepple Africa Ventures, with involvement from existing investors such as VestedWorld. Shuttlers has now collected over $5.6 million in total funding.
CEO Damilola Olokesusi started the business in 2016. It runs a bus-sharing platform for partner companies in Lagos and Abuja so their employees can get around.
Shuttlers has three payment plans, set routes, live bus tracking, the best route based on traffic, digital payments, and set times for rides. Companies can pay for all of their workers’ fares or split them with them. Customers can also pay their fares. The prices are between N850 ($1.96) and N1300 ($2.60).
Shuttlers has doubled its growth since its seed round in November 2021. It has gone from having 100 buses to having almost 260, and each day it runs 300 trips in Lagos and Abuja.
The startup now works with more than 80 companies, such as Interswitch, MainOne, and Paga, and says it sells more than 9,000 tickets to individuals and businesses every day and keeps track of 3 million trips.
Shuttlers’ plan is meant to get more people to take public transportation and lessen the number of people who own their cars, which will help reduce pollution and traffic. The company says that its workers have cut their carbon footprint by 85%, about 4 million pounds of carbon dioxide.
With the extra money, Shuttlers can build infrastructure for its mass transit business, make it easier for more companies to move their employees, and gain market share in Nigeria’s bus-sharing market. The company also wants to grow into five more towns nationwide by the end of next year.