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Kobo360 CEO, Cikü Mugambi, Resigns After One Year
Kobo360 CEO Resigns: 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.
Hi Kobo360 CEO Resigns
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 startup had a bright start, launching in 2017 and raising $6 million in a 2018 seed round led by the International Finance Corporation (IFC). In 2019, it raised $30 million (equity and debt) from investors like TLCom, Y Combinator, and IFC in a Series A round.
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Resignation Instigated By Difficulty In Raising New Fund
By 2022, the company struggled to close a Series B round after the pandemic created uncertainty for logistics companies. Cofounder Obi Ozor admitted, “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.”
Two people familiar with the company’s finances claimed that under Mugambi’s leadership, the company broke even in its Nigerian business. Yet, its attempts to raise funding hit a wall, those people said.
Kobo360 CEO Resigns: On the call announcing her exit, Mugambi also alluded to the difficulty in raising new funding. The company is expected to announce new leadership shortly.
The company also hopes to address its funding challenges while adapting to the evolving logistics sector across Africa.
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