Nigerian shared mobility company Shuttlers has secured $4m in funding from a recent funding round, led by Verod-Kepple Africa Ventures (VKAV). Other investors included VestedWorld, which led the firm's previous round, and EchoVC. Shuttlers, founded in 2016, offers an app that enables corporate and individual passengers to book rides on predetermined and scheduled bus routes. The start-up's main focus is on corporate trips and commutes in Lagos and Abuja, and it has 80+ partner companies, including Interswitch, MainOne and Paga. The company's environmental impact, which includes reducing commuters’ carbon footprint by 85%, was one reason for VKAV's investment, according to partner Ory Okolloh.
Shuttlers' model aims to encourage more people to use public transportation and decrease private car ownership, which can help decrease pollution and congestion in Lagos, Africa's most populous city. The company claims that more than 70,000 users have taken a ride on its platform and it has sold over 9,000 tickets daily to individual and corporate passengers.
With the recent funding, Shuttlers plans to expand its infrastructure to power its mass transit business, enable employee transportation for more corporate clients, and increase its market share. The company also intends to hire more personnel in its sales, marketing, and customer support departments.
Shuttlers' CEO Damilola Olokesusi said the company has already built an infrastructure that allows it to expand into different geographies within and outside Nigeria and supports multiple stakeholders. The start-up aims to go live in five other cities across Nigeria by next year, he added.
The Nigerian bus-hailing market has seen significant growth in recent years, with start-ups such as Treepz also expanding their operations in the country. However, Olokesusi believes Shuttlers' technology, routes, and customer base give it a competitive edge in the market.
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