Bus sharing company Shuttlers raises US$1.6m seed round to scale operations

NIGERIA – Shuttlers, a tech-enabled scheduled bus sharing company, has announced a US$1.6 million seed round and its plans to scale operations into other cities across Africa.

This new investment round was led by VestedWorld, a Chicago and Africa-based investment firm with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore, and Nikky Taurus also participating in this round.

Damilola Olokesusi, Co-founder and CEO of Shuttlers, launched the company in 2016 to tackle the inevitable problem of inefficient transportation in cities like Lagos, Africa’s most populous city & Nigeria’s socio-economic nerve center.

Damilola and her team have since bootstrapped the business and grown it from one route in Ajah to Victoria Island to over thirty (30) routes with over 300 bus-stops, over 100 (unbranded) buses within the city and, has recorded over 2 million trips taken by commuters. We can only imagine how far Shuttlers’ team plans to go with their first round of investment.

“Our mission at Shuttlers is to transform the way people commute around the world, by building a global partner network and connecting communities of shuttlers like we are presently doing in Lagos, Nigeria,” Damilola Olokesusi said.

“The negative impact of inefficiencies in the mobility space is visible in the quality of life, mental health, and work productivity of commuters. We also see its impact on the more vulnerable and neglected population in our society; women, children, physically challenged, and the elderly.

“I’m confident that our smart mobility solutions can solve some of these urban mobility challenges sustainably and also reduce carbon emission.”

Shuttlers has led the revolutionization of shared mobility through its innovative solutions and service offerings.

With Shuttlers, customers now have the option to commute in comfort and at an affordable rate on scheduled and predetermined routes.

“We believe our investment will help Shuttlers extend its offering to adjacent markets and help solve inefficiencies in the transportation sector across regions in Africa,” Managing Director at VestedWorld, Nneka Eze said.

With the subscription feature on Shuttlers, commuters can schedule rides in advance over a period of time they choose.

Commuters can also book trips along fixed routes at 80 percent lower rates than other ride-hailing services without the surges and peak-period pricing – which is the first of its kind in Nigeria and Africa.

Principal at VestedWorld, Lavanya Anand, added, “We are very excited to back Damilola in this venture and work alongside a group of committed financial and strategic investors to scale this further.”

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE

Other Recent Posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.