Lagos, Nigeria, is the home of Shuttlers, a logistics startup which has now raised $1.6 million (₦656m) in seed funding to expand into African countries.
The investment round was led by Chicago/Africa-based investment firm VestedWorld, with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore, and Nikky Taurus also participating in the raise.
With the new funding, Shuttlers plans expansion to more Nigerian cities before going abroad to other African countries.
Shuttlers is a tech-enabled bus-sharing company targeted at helping Lagosians commute affordably. Damilola Olokesusi started the company in 2016 to tackle chaotic transportation in Africa’s most populated city.
Shuttlers did not initially have a mobile app. The original modus operandi was to communicate routes / timelines to customers via Slack, email and WhatsApp. Shuttlers introduced a mobile app in 2019 enabling customers subscribe to any of 3 plans, including a B2B where business clients pay fares of their employees, and B2C where individuals pay fares themselves.
Presently, the platform offers additional features including digital payments, live bus tracking, and an on-trip menu.
The company claims over 10,000 users across its web and mobile-based platforms and over 100 buses / 300 bus stops in Lagos. It also claims over 2 million trips since inception.
Going forward, the company plans to take the rest of Nigeria, and then Africa, by storm.