Shuttlers, a logistics startup out of Lagos, Nigeria, has raised $1.6 million in seed funding to extend into African countries.
The investment round was as soon as led by VestedWorld, a Chicago-and-Africa-primarily based investment firm, with Interswitch, Rising Tide Africa, Commence Africa, EchoVC, CMC 21 & Alsa, ShEquity, 535, Consonance Funding, CcHub Syndicate, Sakore, and Nikky Taurus furthermore taking part within the elevate.
With its unusual elevate, Shuttlers intends to employ a witness at its wheels in extra Nigerian cities earlier than growing beyond the borders of the nation into other African countries.
Shuttling Lagos’ transportation device
In 2016, Damilola Olokesusi based Shuttlers to variety out the inefficient transportation device in Lagos, Africa’s most populous metropolis. The startup was as soon as a tech-enabled bus-sharing firm targeted at serving to Lagosians fling back and forth in comfort at realistic charges.
At the time, Lagos was as soon as a metropolis keeping 23 million people and 90% of its transport device was as soon as street-primarily based, with semi-formal mini buses or danfos accounting for 45% of trips while strolling accounted for 40%. According to the Lagos Metropolitan Transport Authority in 2015, the metropolis by myself furthermore accounted for 30% of the entire preference of street vehicles in Nigeria, with a vehicular density of 234 vehicles per kilometre.
Despite the incontrovertible truth that Lagos has a preference of federal roads, its transport device is epileptic attributable to the unlucky nature of about a of the roads and the dearth of a proper or public transport device which accounts for most attention-grabbing 2.5% of the device.
At delivery, Shuttlers didn’t beget a mobile app.
The firm’s model at the time was as soon as messenger-primarily based, using Slack, electronic mail and WhatsApp to discuss routes and timelines to its prospects. One of their very first prospects was as soon as Andela, which took profit of the startup’s B2B2C possibility to ferry its workers across the deliver.
By 2019, Shuttlers revamped to introduce a mobile app where prospects may perchance per chance subscribe to any of the three plans readily accessible, which involves a B2B where enterprise prospects pay the entire fares of their workers, and B2C where individual prospects pay fares themselves.
In the imply time, the platform gives extra capabilities including are residing bus tracking, digital payments and an on-day shuttle menu.
Despite the incontrovertible truth that the firm has most attention-grabbing managed to carry about $6,000 in angel investments and grants, Shuttlers’ route has been lauded with noteworthy enhance as the firm claims to beget over 10,000 users across its web and mobile-primarily based platforms. With over 100 buses and 300 bus stops in Lagos, Shuttlers furthermore claims to beget recorded over 2 million trips since its inception in 2013.
For CEO Damilola Olokesusi, the elevate validates the labor her group has achieve in for the past 5 years. Olokesusi furthermore believes that it’s an encouraging nod for female entrepreneurs within the tech house. “It reveals that girls can thrive in any alternate they like, especially tech which is highly male-dominated,” she suggested TechCabal. “I’m no longer most attention-grabbing a female entrepreneur, I’m a extensive supporter of girls who are making a distinction in their industries. I am hoping the work I enact at Shuttlers inspires girls to be daring with their aspirations.”
Consumers are furthermore mad for one of the best intention forward for Shuttlers with Olokesusi at the helm. “We’re very mad to aid Damilola in this endeavor and work alongside a community of committed financial and strategic investors to scale this extra,” mentioned Lavanya Anand, Essential at VestedWorld.
Talking on the need for Shuttlers and its mission, the CEO emphasised the firm’s mission to transform the commuting challenges in African cities. “Our mission at Shuttlers is to transform the model people fling back and forth across the area, by constructing a worldwide accomplice network and connecting communities of shuttlers look after we’re currently doing in Lagos, Nigeria. The detrimental impact of inefficiencies within the mobility house is visible within the usual of life, psychological properly being, and work productivity of commuters. We furthermore watch its impact on the extra vulnerable and brushed aside inhabitants in our society; girls, kids, bodily challenged, and the aged. I’m confident that our natty mobility solutions can clear up a majority of these urban mobility challenges sustainably and furthermore minimize carbon emission.”
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