Ciku Mugambi, the former Chief Executive Officer of Nigerian logistics startup Kobo360, has been appointed as an Investment Director at DoB Equity, a Dutch family-backed impact investment firm with a strong focus on East Africa. Her new role comes after a turbulent period at Kobo360, where she served as CEO for just one year before stepping down in October 2023 amid the company’s financial struggles.
Mugambi joined Kobo360 in 2021 as Chief Operating Officer, leveraging her experience from the International Finance Corporation (IFC), where she led equity investments in African startups. She was promoted to CEO in 2023 following the departure of co-founder and previous CEO Obi Ozor, who left to take a government role in Nigeria’s Enugu State.
Her leadership at Kobo360 was seen as a stabilizing move, particularly as the company sought fresh capital to expand operations. However, while the company reportedly achieved break-even in Nigeria, its attempts to raise additional funding were unsuccessful.
Obi Ozor, Kobo360’s founder has since returned to Kobo360, now a struggling freight logistics firm, with a small team of fewer than ten employees. His goal is to revive the company by focusing on traditional financing and haulage deals, aiming for a turnaround by the end of 2025. Despite raising approximately $79 million in previous years, Kobo360 has faced leadership instability, stalled operations, and financial challenges. At least two sources familiar with the company’s cap table say that some investors have written down their shares, effectively marking their exit. However, the IFC, one of Kobo360’s investors, refuted claims that it had sold its shares to Ozor.
Mugambi’s appointment at DoB Equity is part of a broader strategic shift at the investment firm, which has faced its own challenges in recent years. DoB Equity, which has traditionally backed high-growth businesses across East Africa, has restructured its investment approach following losses in companies such as logistics startup Sendy and B2C e-commerce firm Copia. The firm has now pivoted towards investing in sustainable food systems, renewable energy, and water sanitation.
Mugambi brings 15 years of investment and operational experience to DoB Equity. Her tenure at the IFC, where she managed investments in African technology startups and venture capital funds, aligns with the firm’s goal of identifying and supporting high-impact businesses. Her background also includes a career at KPMG’s Audit and Deal Advisory teams, an MBA from Strathmore Business School & IESE Business School, and a CPA-K certification.
In her new role, Mugambi will focus on identifying scalable solutions that address some of Africa’s most pressing challenges. She will also relocate from Lagos to Nairobi, reinforcing DoB Equity’s commitment to the East African investment landscape.
Mugambi’s hiring follows the appointment of Karen Serem Waithaka as CEO of DoB Equity in October 2023. With over 15 years of financial sector experience, including a tenure as Chief Investment Officer at Catalyst Fund, Waithaka has been leading the firm’s investment recalibration.
Under previous Co-CEOs Saskia van der Mast and Hayo Afman, DoB Equity expanded its portfolio to more than 30 companies, but some investments have faced significant hurdles. Waithaka’s strategy is centered on impact investing in sustainable sectors while ensuring that portfolio companies receive hands-on support in governance, strategy, and long-term planning.
“Infrastructure deficits, regulatory uncertainty, and limited access to capital remain major challenges for East African businesses,” Waithaka said. “Our focus is on providing patient capital to companies addressing these structural gaps while ensuring their financial viability.”
Industry observers are closely watching how DoB Equity’s strategic pivot unfolds under Waithaka’s leadership. The firm aims to balance financial sustainability with impact-driven investment, an approach that may define its future success in the East African investment ecosystem.