Shuttlers, a Nigerian tech-enabled mobility firm, has secured US$1.6 million in a seed round and announced intentions to expand across Africa.
Interswitch, Rising Tide Africa, Launch Africa Ventures, EchoVC Partners, CMC 21, Alsa, ShEquity, Five35, Consonance, CcHub Syndicate, Sakore, and Nikky Tarus were among the investors in the round, which was led by VestedWorld, a Chicago-based Africa-focused venture capital firm.
Shuttlers, founded in 2016 by Damilola Olokesusi, allows commuters to travel in comfort along pre-determined routes at a reasonable cost, with fixed-route journeys costing up to 80% less than competing ride-hailing services. Over five million trips have been made possible by the firm so far.
“These are exciting times for Shuttlers, and I’d like to take this occasion to express my gratitude to our investors for believing in what we’re doing. “This funding will help us achieve our purpose at Shuttlers, which is to alter the way people commute around the world by developing a worldwide partner network and connecting communities of shuttlers, like we are doing in Lagos right now,” Olokesusi said.
Shuttlers will use this round of funding to expand its operations to other Nigerian cities initially, and eventually to other African towns. With access to new technical alternatives, the organization will also strive to optimize its processes and remove existing inefficiencies.