Ciku Mugambi, CEO of logistics startup Kobo360, has announced her resignation after just one year in the role. Mugambi, who joined the company in 2021 as Chief Operating Officer (COO) after a stint at the International Finance Corporation (IFC), took over as CEO following the exit of co-founder Obi Ozor in August 2023. She shared her decision to step down on a company-wide call on October 29, according to multiple sources familiar with the matter.
Kobo360 launched in 2017 and quickly gained traction by providing clients with access to trucks like Dangote, Unilever, and Flour Mills. In 2018, the startup raised $6 million in seed funding led by IFC, followed by a $30 million Series A round in 2019, backed by TLCom, Y Combinator, and IFC. However, in recent years, the company has faced hurdles in securing additional funding, particularly for its anticipated $50 million Series B round.
In 2022, co-founder Ozor disclosed that the company nearly exhausted its funds, noting, “We couldn’t find an investor to anchor the [2021] $50 million equity round we had in mind at the time, and we almost ran out of money, to be honest.”
Despite challenges, sources claim that under Mugambi’s leadership, Kobo360 achieved breakeven in its Nigerian business. Yet, funding efforts remained difficult. During her resignation announcement, Mugambi acknowledged these struggles with securing new investments.
Kobo360 is expected to announce a new leadership team soon, though neither Mugambi nor the company has provided further comment.
