Afrigather Cikü Mugambi, CEO of Kobo360, a logistics startup that gives entry to vans for companies like Dangote, Unilever, and Flour Mills, has resigned after one yr. Mugambi, who joined Kobo360 in 2021 from the Worldwide Finance Company (IFC) as chief of employees and head of investor relations, was named CEO after co-founder Obi Ozor’s exit in August 2023.
Mugambi introduced her exit on a company-wide name on October 29. Not less than three individuals with information of the matter claimed there was some chatter about her impending resignation prior to now week.
The startup had a vivid begin, launching in 2017 and elevating $6 million in a 2018 seed spherical led by the Worldwide Finance Company (IFC). In 2019, it raised $30 million (fairness and debt) from traders like TLCom, Y Combinator, and IFC in a Collection A spherical.
By 2022, the corporate struggled to shut a Collection B spherical after the pandemic created uncertainty for logistics corporations. Cofounder Obi Ozor admitted, “We couldn’t discover an investor to anchor the [2021] $50 million fairness spherical we had in thoughts on the time, and we nearly ran out of cash, to be sincere.”
Two individuals acquainted with the corporate’s funds claimed that beneath Mugambi’s management, the corporate broke even in its Nigerian enterprise. But, its makes an attempt to lift funding hit a wall, these individuals mentioned.
On the decision asserting her exit, Mugambi additionally alluded to the issue in elevating new funding. The corporate is predicted to announce new management shortly.
Cikü Mugambii and Kobo360 didn’t instantly reply to a request for feedback.
Editor’s word: This text was edited to mirror that Mugmabi joined the corporate as chief of employees and head of investor relations, not COO.
