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Damilola Olokesusi, an innovative Nigerian entrepreneur, has successfully spearheaded her ride-sharing platform, Shuttlers, to secure $4 million in a Series-A equity funding round.
The funding will enable the company to build the necessary infrastructure to expand its reach to more communities in Nigeria and power mass transit.
This achievement follows the company’s impressive $1.6 million seed round, led by VestedWorld, a Chicago-based venture capital firm that focuses on investing in Africa, 16 months ago.
The latest funding round was led by Verod-Kepple Africa Ventures (VKAV), a prominent pan-African venture capital firm, with participation from SheEquity, CMC 21 & Alsa, VestedWorld, and EchoVC.
The funding will enable Shuttlers to develop the infrastructure necessary to facilitate mass transit throughout Nigeria, while further enhancing its position as the top shared-mobility provider in Lagos.
In addition to expanding its reach, the funding will support Shuttlers in providing transportation services for more corporate employees and expanding its services to additional cities within Nigeria.
Shuttlers, a scheduled ride-sharing platform, has been providing commuting solutions for professionals and organizations in the bustling Lagos metropolis.
The startup’s mission to transform commuting into a productive, refreshing and relaxing experience has been met with great success, earning a loyal customer base since its launch in 2016.
The inspiration behind the startup came from a personal experience when Olokesusi’s sister was robbed while commuting via public transportation in Lagos, a city that accommodates roughly 12 million passengers a day.
Since its inception, Shuttlers has raised a total of $5.6 million, with $4 million raised in its most recent funding round. The startup’s fleet has grown by 150 percent in the past 18 months, and its routes have expanded by 25 times, further establishing its presence in Lagos and setting its sights on expansion to other cities in Nigeria.
Olokesusi, the CEO and co-founder of Shuttlers, expressed her excitement and gratitude for the support of the company’s esteemed partners, VKAV, VestedWorld, and SheEquity following the latest funding round.
Olokesusi emphasized that this substantial funding will enable Shuttlers to continue its mission of transforming the mass transit experience, not just in Nigeria but also around the world.
She reiterated the company’s commitment to building the necessary infrastructure to power mass transit, and to expand its reach to more communities in Nigeria.
The CEO also highlighted the transformative impact of shared mobility on society, emphasizing that the additional funding will allow Shuttlers to create a more sustainable and efficient transportation solution.
