Mass transit firm raises $1.6 million to expand operations
A tech-enabled scheduled bus sharing (mass transit) company, Shuttlers has announced a $1.6 million seed round and its plans to scale operations into other cities across Africa.
VestedWorld, a Chicago and Africa-based investment firm, Shuttlers said, led this new investment round. Co-founder and Chief Executive Officer of Shuttlers, Damilola Olokesusi, said the company, which is focused on addressing the issue of inefficient transportation costs in Africa’s urban cities, through its technology solutions, provides a digital ride-sharing platform that targets upwardly mobile professionals and companies looking for better mobility options for their employees.
She said Shuttlers has led the revolution of shared mobility through its innovative solutions and service offerings, adding that with the subscription feature on the bus, commuters can schedule rides in advance over a period of time they choose.
Noting that Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore, and Nikky Taurus are also participating in the new investment round, she said: “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.
“I am confident that our smart mobility solutions can solve some of these urban mobility challenges sustainably and also reduce carbon emission. We can’t deny the reality of public transportation in cities like Lagos.”
Managing Director, VestedWorld, Nneka Eze, said: “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.”