Nigerian shared mobility startup Shuttlers has raised $4 million in a new funding round to facilitate expansion.
The startup was launched by CEO Damilola Olokesusi in 2016 to provide transport services for employees in various companies through a ride-sharing model
The transport company has a platform where users book seats on one of the buses along predetermined and scheduled routes. It offers various packages including shared plans where companies can split fares with employees, companies pay full fares or individuals pay the full amount.
The company has about 260 buses covering 300 routes across Lagos and Abuja daily. It has managed to onboard over 80 companies. With 9,000 tickets being sold daily to corporate passengers, it’s easy to how it has achieved three million trips as it indicates on its website. Shuttlers says nearly 70,000 users have taken a ride on its platform.
“Before our first funding, when we didn’t do marketing and PR, I think we had the highest market share in bus hailing and sharing space. But now, there’s no doubt that we are miles apart from the competition, in terms of the number of customers, the technology, and routes,” said Olokesusi
“We have built an infrastructure that allows us to expand into different geographies within and outside Nigeria and supports multiple stakeholders, from partners and drivers to marshals and administrative bodies. Our main focus is to take over the bus-sharing space and be this huge startup that, you know, is very profitable,” he added.
The new round was led by Verod-Kepple, a leading venture capital firm that recently raised a $43 million pan-African fund. SheEquity, CMC 21 & Alsa, and EchoVC also participated.