Shuttlers raises $4M to fuel its shared mobility solution across Nigeria

News Summary

  • SheEquity, CMC 21 & Alsa, and EchoVC are the startup’s other backers in this round, which has seen the mobility company secure over $5.6 million in total venture backing.Shuttlers’ business primarily focuses on corporate trips and commutes.
  • It has three payment plans: Companies pay full fare for employees, companies split fares with employees, and individual customers — unaffiliated with any partner company — pay fares themselves.
  • Our main focus is to take over the bus-sharing space and be this huge startup that, you know, is very profitable,” Olokesusi said about Shuttlers’ position in Nigeria’s bus-hailing market, adding that the startup intends to go live in five other cities across the country by next year.
  • Meanwhile, with a clientele of 80+ companies, including Interswitch, MainOne and Paga, the company sells over 9,000 tickets daily to individual and corporate passengers — and recorded 3 million B2B trips, per its website.
  • In Lagos, Africa’s most populous city, the average professional who commutes to work daily or several times a week — whether with a personal car or danfo minibuses and okadas — meets roads riddled with intense traffic congestion and dangerous carbon emissions.
  • It will also ramp up hiring in its sales, marketing and customer support departments, Olokesusi added.“Before our first funding, when we didn’t do marketing and PR, I think we had the highest market share in bus hailing and sharing space.
Shuttlers, a Nigerian shared mobility company that allows individual and corporate passengers to take rides on multiple bus routes via an app, has raised $4 million in a new funding round led by Vero [+4262 chars]