Kobo360 was co-founded by Obi Ozor and Ife Oyedele II in 2017. Obi Ozor, a Nigerian entrepreneur with a background in biochemistry from the University of Michigan and business from Wharton School, had worked at J.P. Morgan and Uber Nigeria before launching Kobo360. With over six years of experience in logistics and supply chain management, Ozor aimed to digitize and streamline logistics across Africa by connecting truck drivers to manufacturers and distributors. The company was envisioned as Africa’s Uber for trucks, a digital logistics platform designed to optimize cargo delivery across the continent.
Obi Ozor was CEO until 2023, when he left to become the Commissioner for Transportation in Enugu State. Ife Oyedele was the co-founder alongside him. Later, Ciku Mugambi, formerly of the International Finance Corporation (IFC), took over as CEO from 2023 to 2024 before resigning amidst financial challenges .
Kobo360 experienced rapid growth fueled by technology innovation and significant funding rounds. The startup raised close to $79 million, including a $30 million Series A led by Goldman Sachs in 2019 and a $48 million Series B in 2021. The company expanded beyond Nigeria to countries including Kenya, Ghana, Benin, Burkina Faso, Uganda, and Côte d’Ivoire. At its peak, Kobo360 aggregated over 50,000 trucks and partnered with major corporate clients such as Unilever, Dangote, DHL, and Flour Mills.
By digitizing haulage operations and embedding financial services, Kobo360 reduced nonperforming assets and shortened payment cycles, even managing profit margin improvements during economic challenges like the COVID-19 pandemic. The company leveraged $100 million financing platforms for truck drivers and partners, seeking to transform the fragmented African logistics industry .
Despite raising large sums of capital, Kobo360 faced fundamental challenges stemming from its business model and cash flow management. The company paid truck drivers upfront for haulage services but then waited 30 to 90 days to be paid by manufacturers and distributors. This created a severe working capital gap that forced Kobo360 to rely heavily on short-term bank credit lines.
The situation deteriorated when a key banking partner abruptly cut its credit line due to unserviced debt. This cut off Kobo360’s ability to pay drivers and suppliers on time, leading to a collapse in operations and revenue. Without sufficient liquidity, Kobo360 had to lay off staff, pause operations in multiple markets, and lost investor confidence. Some investors wrote down their investments or exited entirely.
Leadership turnover added to the instability, with Obi Ozor leaving for a government role in 2023, followed by CEO Ciku Mugambi stepping down in late 2024. Expanding too quickly with insufficient working capital and reliance on banking partners ultimately drove the company near collapse by the end of 2024 .
Obi Ozor’s appointment as Enugu State Commissioner for Transportation in August 2023 coincided with the company’s financial troubles and leadership changes. This political role reportedly contributed to Kobo360’s decline, as Ozor stepped back from daily operations during the company’s critical period. This leadership vacuum and the difficulty in securing fresh investment during a tightening venture capital environment weakened the company’s position .
In early 2025, Obi Ozor returned to Kobo360, buying back the company from investors including Juven, Goldman Sachs’ spin-off, TLcom Capital, and others who had sold or written down their shares. He took on approximately ₦10 billion ($15.8 million) in debt as part of the buyback deal.
Ozor has assembled a small, lean team with plans for a multi-year turnaround focused on strict cost control, debt restructuring, and securing long-term haulage contracts with major shippers. These contracts will be crucial to obtaining contract-backed financing and stabilizing cash flow.
Although operations have been halted across many markets, Kobo360 hopes to restart by mid-2025 and gradually rebuild through 2026, with plans to rehire laid-off employees. Ozor remains optimistic that Kobo360 can emerge from its struggles and return as a resilient logistics player in Africa, though success depends heavily on overcoming funding and operational challenges.