Nigerian mobility company Shuttlers recently raised $4 million in an equity round led by Verod Kepple Africa Ventures, following a $1.6 million seed round.
This startup offers shared bus rides on scheduled routes to corporate passengers and individuals with two models: B2B2C and B2C.
The tech-enabled platform allows users to track bus trips, choose the best route based on traffic conditions, make digital payments for fares ranging from N850 ($1.96) to N1300 ($3), and view ride schedules all within one app or website interface.
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 kilometer of road 20 times higher than the national average.
The goal of this venture is not only to provide convenient transportation options but also to reduce traffic congestion in Lagos, where citizens spend 30 hours a week stuck in traffic jams; Shuttlers claims that its services have reduced commuters’ carbon footprint by 85%. Currently covering over 300 routes across Lagos as well as two Abuja routes, with over 70 business clients and 270 buses onboarded onto the service, it’s clear that this new investment will enable further expansion into more cities while continuing their mission of providing reliable public transportation solutions throughout Nigeria.
