Kobo360's Rise and Fall: How a $30M Startup Ended Up Owing ₦10 Billion
Once hailed as the 'Uber for trucks' in Africa, logistics pioneer Kobo360 faces severe financial distress with liabilities topping ₦10 billion, leading to a dramatic founder buyback and restructuring.
Lagos, Nigeria — July 20, 2026 — Logistics technology pioneer Kobo360 is undergoing a major debt restructuring as its total liabilities reach an estimated ₦10 billion. The company, which raised over $79 million including a major $30 million round led by Goldman Sachs in 2019, has struggled with cash flow constraints due to working capital mismatches.
Founded in 2017 by Obi Ozor and Ife Oyedele, Kobo360's platform connected cargo owners with truck drivers to streamline freight transport. To attract drivers, the startup paid them upfront, while waiting up to 90 days for payments from large corporate clients. This created a high working capital drain that collapsed when bank credit lines were reduced.
In a bid to rescue the business, co-founder Obi Ozor has reacquired early investor shares and assumed the ₦10 billion debt. Ozor is transitioning the company away from venture-capital-led expansion toward a leaner, asset-backed freight partnership model.
Kobo360's cash crunch highlights the systemic risks of working capital mismatches in emerging logistics markets. Paying truck operators upfront while waiting on long corporate payment terms is unsustainable without continuous venture backing or secure bank credit lines. Investors should note that asset-light models in physical logistics require deep local bank relationships rather than equity funding to survive macro liquidity shocks.
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