Shuttlers, a Lagos-based Nigerian mobility startup has raised $4 million in a Series A equity round led by Verod-Kepple African Ventures.
Participants in the round are Vested World and follow-on investors SheEquity, CMC21, Alsa and Echo VC.
In a blog post announcing the fund, Shuttlers revealed that it plans to deploy the funds in optimizing its transportation solutions and accelerate growth in Nigeria.
The company pointed out in the post that it is committed to building a global partner network, creating jobs, reducing carbon footprints, creating safer experiences for women and building communities.
Founded in 2021, Shuttlers raised $1.6 million in a seed round led by Vested World in 2021. Shuttlers uses its tech-enabled platform to offer shared rides to corporate passengers and individuals on scheduled rides.
Users have a variety of offers to choose from. These include, booking a one way ride, a return ride, weekly and monthly subscriptions for staple rides and an option to charter a whole bus. The startup runs both B2B2C model and B2C models to cater to the needs of its clients.
The B2B2C model enables companies to pay for their employees’ bus fares in full or split the fares with them, while the B2C model is for individuals who are paying their own ride fares.
Users can also track bus trips, choose best routes based on traffic situations, view ride schedules and make digital payments.
Commenting on the funds raised, CEO and Founder of Shuttlers, Familiar Olokesunsi said “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.
With a fleet of over 270 buses covering 77 routes within Lagos, Shuttlers said it has completed 3 million trips, has moved over 10,000 staff and has partnered with over 70 business clients including Main One, Interswitch and Paga.
Shuttlers believe that public transportation can reduce environmental pollution and claims to have reduced its commuters carbon footprints by 88%.