Nigeria: Transportation company raises a further $4m

Nigerian mobility platform Shuttlers has secured an additional $4 million in equity funding to accelerate its growth and transportation solutions in Nigeria. The latest funding round was led by Verod-Kepple Africa Ventures (VKAV), with follow-on investments from VestedWorld, SheEquity, CMC 21 & Alsa, and Echo VC.

Shuttlers provides professionals with efficient shared-transportation options in the Lagos metropolis. Using the Shuttlers app, users can book a seat on a route, pay for the seat, and track the arrival of their shuttles.

The new funding will enable Shuttlers to build infrastructure and expand to other Nigerian cities, broadening its reach across the country.

The company has now raised a combined $5.6 million and, in the past 18 months, achieved significant traction, growing its fleet by 150% and expanding its routes by 25 times, with a 280% increase in daily passengers moved.

”We believe shared mobility can have a transformative effect on our society, and we are committed to driving that change,” said Damilola Olokesusi, CEO and co-founder of Shuttlers. ”This additional funding will allow us to build the infrastructure needed to power mass transit and expand our reach to more communities in Nigeria.”

”We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation and shared mobility solutions to Nigerians,” said Ory Okolloh, partner at VKAV. ”We look forward to working closely with Shuttlers to help them achieve their goals.”