Mugambi had been with the company since 2021, initially serving as the Chief of Staff and Head of Investor Relations after joining from the International Finance Corporation (IFC). He assumed the role of CEO in August 2023 following the departure of co-founder Mr. Obi Ozor.
She communicated her resignation during a company-wide call on October 29. Sources familiar with the situation indicated that there had been discussions regarding her potential resignation in the week leading up to the announcement.
Kobo360 launched in 2017 and initially experienced significant success, securing $6 million in a seed funding round in 2018 led by the IFC. The following year, the company raised $30 million in a Series A round from investors including TLCom, Y Combinator, and IFC.
However, by 2022, the company faced challenges in securing a Series B round due to the pandemic's impact on the logistics sector. Co-founder Obi Ozor acknowledged the difficulties, stating, “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 claims from two individuals familiar with the company's financial situation that Kobo360 achieved break-even in its Nigerian operations under Mugambi's leadership, efforts to secure additional funding were reportedly unsuccessful. During her resignation announcement, Mugambi referenced the challenges in obtaining new financing. The company is anticipated to reveal new leadership soon.
Neither Cikü Mugambi nor Kobo360 has provided immediate comments regarding the situation.