Shuttle raises $1.5mn in new funding

Bangladeshi transport-tech startup Shuttle has recently announced $1.5 million in new funding, bringing its total investment to $2.5 million to date. The company charges less than one-third the price of regular ride-sharing by clubbing 4-10 people together in sedans and minivans. Shuttle's founders have also been been selected to be in the Forbes 30 under 30 Asia list for 2022.

The funding round was led by South Asia Tech, a growth stage venture capital fund focused on logistics and e-commerce startups in South Asia. Other investors in the round include Startup Bangladesh Limited - the only government VC fund in the country, investors from Bangladesh Angels Network (BAN) and some existing investors, including Accelerating Asia. 

Shuttle started its journey back in 2018 with pre-seed capital from Robi Axiata Limited. Other previous investors include SBK Tech Ventures, Accelerating Asia, The Ventures (South Korean VC), BAN and local/global angels. In addition, the company also received an impact-matching grant from Biniyog Briddhi, a public-private development partnership (PPDP) between the Embassy of Switzerland in Bangladesh, Roots of Impact and LightCastle Partners.

After its initial success with providing women-only services, Shuttle later added unisex and B2B offerings to bring convenient and affordable daily commutes for the middle-income people in Bangladesh. According to a press release, more than 30,000 university students and office-goers are registered on the Shuttle platform, with the majority being women. 

The company has also worked with over 50 organisations (B2B clients), including the largest multinational companies (MNCs) in the country. Shuttle is also set to launch a new service called 'Shuttle for School' for students in Dhaka city, which is a milestone project initiated by Dhaka North City Corporation (DNCC) to reduce traffic congestion in the metro.