Shuttlers, a Nigerian mobility company, has raised a $4 million equity round

Shuttlers, a Nigerian mobility company, has raised a $4 million equity round after raising a $1.6 million seed round. Shuttlers uses its tech-enabled platform to offer shared bus rides to corporate passengers and individuals on scheduled bus routes. The round was led by Verod-Kepple Africa Ventures and saw participation from follow-on investors SheEquity, CMC 21 & Alsa, EchoVC, and VestedWorld—which led its seed round.

The Lagos-based startup is mainly focused on corporate customers. With a B2B2C model, Shuttlers offers companies the opportunity to pay the bus fares for their employees in full or split fares with them. Shuttlers also offers a B2C model where individual customers can pay fares. The fares range from N850 ($1.96) to N1300 ($2.60). The startup also offers its users the ability to track bus trips, choose the best route based on traffic, make digital payments, and view ride schedules.

The traffic situation in Lagos is among the worst in the world. According to a 2018 report, Lagosians spend an average of 30 hours a week in traffic, one of the highest figures in the world. The city has a population of about 24 million people, with over 5 million cars and 200,000 commercial vehicles on the roads. This makes Lagos’s daily average of 227 vehicles per every kilometre of road 20 times higher than the national average.

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