Ciku Mugmabi, CEO of Kobo360, a logistics startup that provides access to trucks for businesses like Dangote, Unilever, and Flour Mills, has resigned after one year. Mugambi, who joined Kobo360 in 2021 from the International Finance Corporation (IFC) as Chief Operating Officer (COO), was named CEO after co-founder Obi Ozor’s exit in August 2023.

Mugambi announced her exit on a company-wide call on October 29. At least three people with knowledge of the matter claimed there was some chatter about her impending resignation in the past week. 

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. 

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. 

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. 

Ciku Mugambi and Kobo360 did not immediately respond to a request for comments.