The CEO of Kobo360, a logistics startup providing trucking services to businesses like Dangote, Unilever, and Flour Mills, has resigned after a year in the position. Cikü Mugambi, who initially joined Kobo360 in 2021 as the chief of staff and head of investor relations, was appointed CEO following a co-founder’s departure in August 2023.
Mugambi informed the company of her departure during a call on October 29. There were rumors circulating about her leaving in the preceding week, according to sources familiar with the situation.
Kobo360, founded in 2017, had a successful start, securing $6 million in a seed funding round in 2018 and $30 million in a Series A round in 2019. However, challenges arose in 2022 when the company faced difficulties in securing funding due to the impact of the pandemic on the logistics industry.
Reports suggest that under Mugambi’s leadership, the company managed to break even in its Nigerian operations. Despite this, efforts to raise additional funds encountered obstacles. Mugambi mentioned the fundraising challenges during the call announcing her resignation. The company is expected to name new leadership soon.
Requests for comments from Cikü Mugambi and Kobo360 went unanswered.
Editor’s note: This article has been revised to clarify that Mugambi initially held the positions of chief of staff and head of investor relations, not COO.