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Kobo360

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Pan African Logistics company
Kobo360
Company typePrivate
IndustryLogistics services
Founded2018; 7 years ago (2018)
FounderObi Ozor and Ife Oyedele II
HeadquartersLagos, Nigeria, Nigeria
Area servedSub-Saharan Africa
Productstransport, clearing and forwarding, and warehousing services
Websitehttps://kobo360.com

Kobo360 is an African tech-enabled digital logistics platform, headquartered in Lagos and connects cargo owners to truck owners, with a physical presence in 6 African countries, including Nigeria, Ghana, Kenya, Burkina Faso, and Ivory Coast.

Kobo's mission is to simplify Africa's logistics and supply chain by making it more efficient through technology. Its customers are mostly large multinationals and manufacturing and production companies. Kobo360's platform matches cargo owners with truck owners to solve the delay faced in getting goods delivered on time. The company was founded by Obi Ozor and Ife Oyedele II. Kobo360 also has an app that enables users to carry out their activities easily.

In 2019, Kobo360 had achieved product-market fit, and the company was rapidly expanding as a result of a $30 million equity and debt investment from Goldman Sachs, International Finance Corporation, TLcom Capital and other investors.

In an interview with TechCrunch, KOBO360 CEO, Obi Ozor described the issues that arose as a result of the pandemic and the need to rethink strategy. He also discussed how the company dealt with them, as well as its current state of stable growth and sustainability.

In March 2023, Kobo360 was listed among the "25 Rising African Tech Startups To Watch Out For In 2023" by African Folder.

Funding and investments

Kobo360 raised $20 million in a Series A round headed by Goldman Sachs in 2019 and $10 million in working capital funding from Nigerian commercial banks.

Kobo360 raised an additional $56 million in its series B round led by Afrexim Bank's equity arm - The Fund For Export Development in Africa (FEDA), with participation from existing investors.

Awards and recognition

In 2019 the company was nominated as a Disrupter of the Year finalist at the Africa CEO Forum Awards. In 2022, the company was adjudged the best E-Logistics Platform at The Digital Tech Awards.

Leadership

In August, 2023, Cikü Mugambi, was announced as the new CEO, as Obi Ozor stepped aside following his political appointment. Fola Adeola, a seasoned entrepreneur and investor, was also appointed as the Chairman of the Board of Directors.

References

  1. "How logistics startups could make Africa's largest free trade area work". QZ.com. March 3, 2021. Retrieved March 25, 2023.
  2. Jackson, Tom (2020-05-29). "Founders of Nigerian logistics startup Kobo360 accepted into Endeavor network". Disrupt Africa. Retrieved 2023-02-11.
  3. "Using tech to improve Africa's logistics industry". BBC News. 2019-06-09. Retrieved 2023-03-25.
  4. "Kobo360: Africa's leading supply chain technology platform". Y Combinator. Retrieved 2023-02-11.
  5. "Kobo360 Moves to Improve Logistics Service with Technology – THISDAYLIVE". www.thisdaylive.com. Retrieved 2023-02-11.
  6. "The Problem-solver". www.ifc.org. Retrieved 2023-02-11.
  7. Kehinde, Opeyemi (2019-03-30). "Kobo360 launches global logistics app". Daily Trust. Retrieved 2023-02-11.
  8. "Kobo360 launches logistics app". Punch Newspapers. 2019-04-08. Retrieved 2023-02-11.
  9. Gerretsen, Isabelle (2020-04-16). "Trucking app Kobo360 wants to halve delivery times across Africa | CNN Business". CNN. Retrieved 2023-03-25.
  10. "Kobo 360 CEO on what lies ahead for WEF's Young Global Leaders". CNBC Africa. 2021-03-12. Retrieved 2023-03-25.
  11. "What has KOBO360 been up to in the last 2 years?". Tech Crunch. Retrieved 12 March 2023.
  12. "25 Rising African Tech Startups To Watch Out For In 2023". African Folder. Retrieved 12 March 2023.
  13. ^ "Nigeria's Kobo360 closes whopping $20m Series-A round led by Goldman Sachs". Ventureburn. 2019-08-14. Retrieved 2023-03-25.
  14. Bright, Jake (2019-08-14). "Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs". TechCrunch. Retrieved 2023-03-25.
  15. Kene-Okafor, Tage (2022-09-14). "What has KOBO360 been up to in the last 2 years?". TechCrunch. Retrieved 2023-08-30.
  16. Anagor, Amaka (2019-03-27). "Kobo360 logistics plans to expand business presence in Ghana, Kenya". Businessday NG. Retrieved 2023-05-31.
  17. "[Kenya] KOBO360 wins Best E-Logistics Platform at the Digital Tech Awards 2022". Africa Business Communities. Retrieved 2023-05-31.
  18. Michael, Chinwe (2023-08-18). "From COO to CEO, Cikü Mugambi leads Kobo360". Businessday NG. Retrieved 2023-09-09.
  19. "Cikü Mugambi replaces Obi Ozor as Kobo360 CEO as GTBank co-founder steps in as board chair". 2023-08-18. Retrieved 2023-09-09.
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