Kobo360 CEO Ciku Mugambi Steps Down as Company Fails to Raise New Investments

Ciku Mugambi, the CEO of logistics platform Kobo360, has officially stepped down from her role after a year in leadership.

Her resignation, which she disclosed during a company-wide meeting on 29 October, follows a period of expansion, but financial challenges for the company. 

Mugambi’s tenure as CEO began in August 2023 after the departure of co-founder Obi Ozor, who left to assume a governmental role as Commissioner for Transportation in Enugu State.

Ciku Mugambi initially joined Kobo360 in 2021, moving from her role at the International Finance Corporation (IFC), where she was Chief Operating Officer (COO). 

Her elevation to CEO brought hope for stability and growth, but economic pressures from the pandemic and investor reluctance hampered Kobo360’s fundraising efforts. 

The company had faced particular issues in securing funds for its Series B round, a challenge that preceded Mugambi’s leadership.

Founded in 2017, Kobo360 quickly established itself as a key logistics partner for companies like Dangote, Unilever, and Flour Mills. 

With early investments, including $6 million in a seed round led by IFC in 2018 and a $30 million Series A round in 2019, Kobo360 built its reputation on providing efficient truck access across Africa. 

However, as the logistics industry struggled globally, Kobo360’s fundraising setbacks deepened, and attempts to close the anticipated $50 million equity round in 2021 failed to materialise.

Under Mugambi’s leadership, the company reportedly managed to break even in its Nigerian operations—a good achievement—but challenges in accessing fresh capital continued. 

During her resignation announcement, Mugambi subtly acknowledged the financial limitations Kobo360 faced, particularly in raising new investments. 

Now, Kobo360 is expected to reveal its new leadership soon and hopes to address its funding challenges while adapting to the evolving logistics sector across Africa.