By Adedapo Adesanya
A Nigerian mobility startup, Shuttlers, has raised $4 million in equity funding led by Verod-Kepple, a venture capital firm, to boost its shared-mobility efforts in Nigeria.
The funding round also saw follow-on investment from Vested World, Echo VC, CMC 21 & Alsa, and SheEquity.
In a statement seen by Business Post on Tuesday, Shuttlers said it would use the new funding to optimise its transportation solutions and accelerate growth in Nigeria, which includes building infrastructure to power mass transit.
The company plans on dominating the economic nucleus of Lagos, enabling improved employee transportation for corporates, and later expanding to other cities within Nigeria.
Shuttlers claims that is possible as it has raised a considerable customer base in Lagos, setting the tone to expand its services to its planned cities in Nigeria, which it made no mention of.
“With this new funding, more people will benefit from our safe, reliable, and affordable shared mobility service,” the company said.
Speaking on this, Shuttlers CEO, Mr Damilola Olokesusi, said, “We are thrilled to have Verrod Kepple, Vested Word, CMC 21 & Alsa, and SheEquity as partners in our mission to transform passenger transportation in Nigeria.
“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.”
Adding her input, Ms Ory Okolloh, Managing Partner at VKav. said, “We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation to Nigerians.
“Their commitment to creating impact aligns with our vision for investing in companies that impact society positively. We look forward to working closely with Shuttlers to help them achieve their goals.”
“We believe that Shuttlers has the potential to transform the way people move around the world. VestedWorld has invested in nearly 30 companies in East and West Africa, and we are proud to be a continued partner in Shuttlers’ journey,” added Ms Nneka Eze, General Partner at VestedWorld.
Shuttlers also announced plans to make impacts with sustainable and progressive policies in the economy, workplace, and environment.
“Impact is a crucial part of our mission because we are committed to building a global partner network, creating jobs, reducing carbon footprint, creating safer experiences for women, and building communities. We believe that shared mobility can positively transform society, and we are committed to driving that change.”
