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Shuttlers Raises $4M in Equity Funding to Enhance Business, Growth

Indigenous tech-enabled mass transit firm, Shuttlers has raised a sum $4 million in equity funding to expedite growth of its transportation solution in Nigeria.

The funding was led by pan-African focused venture capital firm, Verod-Kepple Africa Ventures (VKAV), with follow-on investments from Vested World, SheEquity, CMC 21 & Alsa, and Echo VC.

According to the company, the funding will enable it build infrastructure to power mass transit in Nigeria, build on its dominance as the leading shared-mobility provider in Lagos, enable employee transportation for more corporates, as well as expand to other cities within Nigeria.

Chief Executive Officer and co-founder of Shuttlers, Damilola Olokesusi explained that the move would also drive impact in communities across the country.

She said, “Impact is a key pillar of our mission, and we are committed to building a global network of vehicle-partners, creating jobs, reducing commuters’ carbon footprint by 85%, creating safer experiences for commuters, particularly women, and building communities.

“We are thrilled to have VKAV, VestedWorld, SheEquity, CMC 21 &Alsa, and Echo VC as partners in our mission to transform mass transit experience around the world. 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. We believe that shared mobility can have a transformative impact on our society, and we are committed to driving that change.”

Commenting, Partner at VKAV, Ory Okolloh expressed optimism in the partnership with Shuttlers to deliver value.

“Their commitment to creating impact aligns with our vision for investing in entrepreneurs who are solving significant challenges and companies who have a positive impact on society. We look forward to working closely with them to help them achieve their goals,” she said.

General Partner at VestedWorld, Nneka Eze added, “We believe the company has the potential to transform the way people move around the world. We have invested in nearly 30 companies in East and West Africa and we are proud to be a continued partner in their journey.” 

Source: thisdaylive