As you must have deduced from the title, this is a very special blog as I'll be letting you in on the latest big thing that has happened to Shuttlers as a brand, and of course Africa's shared-mobility sector at large! Read on to find out about our $4m equity funding and how it will translate to cutting-edge shared-mobility services from us to you, my friend.
I really want you to get the full gist, so I'll take a moment to explain "equity funding". Equity funding typically involves selling ownership stakes in a company to investors, who then become shareholders and own a portion of the company's profits or losses. Easy peasy!
We just raised a whopping $4 million in equity funding! The funding round was led by Verod-Kepple, a leading venture capital firm, with follow-on investment from Vested World, Echo VC, CMC 21 & Alsa, and SheEquity.
So, what does this mean for Shuttlers as a business? Well, with this new funding, we plan to optimise our transportation solutions and accelerate growth in Nigeria, which includes building infrastructure to power mass transit, dominating Lagos, enabling improved employee transportation for corporates, and expanding to other cities within Nigeria. The goal for us is to drive impact in communities across the country.
"Impact" is a crucial part of our mission because we are committed to building a global partner network, creating jobs, reducing carbon footprint, creating safer experiences for women, and building communities. We believe that shared mobility can positively transform society, and we are committed to driving that change.
Hear directly from our CEO (aka our Superhuman In Chief) Damilola Olokesusi: "We are thrilled to have Verrod Kepple, Vested Word, CMC 21 & Alsa, and SheEquity as partners in our mission to transform passenger transportation in Nigeria. 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 are proud of the loyal customer base we've built in Lagos and we are rapidly expanding our services to other cities in Nigeria. With this new funding, more people will benefit from our safe, reliable, and affordable shared mobility service.
"We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation to Nigerians," said Ory Okolloh, Managing Partner at VKav. "Their commitment to creating impact aligns with our vision for investing in companies that impact society positively. We look forward to working closely with Shuttlers to help them achieve their goals."
"We believe that Shuttlers has the potential to transform the way people move around the world. VestedWorld has invested in nearly 30 companies in East and West Africa and we are proud to be a continued partner in Shuttlers' journey.” said Nneka Eze, General Partner at VestedWorld.
So, there you have it! We are on a mission to transform passenger transportation in Nigeria, and with this new funding, we are one step closer to achieving our goals.
Stay tuned for more updates from me about this new raise and other relevant topics from the stables of Shuttlers as we continue to innovate and drive impact in communities across Nigeria.
Cheers to the future!