Born to Disrupt – Resilience, Risk and Redefining Growth in Africa with Ciku Mugambi
In this episode of Born to Disrupt, hosts Simon Hardie and Grant Niven are joined by Ciku Mugambi, a seasoned investor and operator, to explore the complex realities of building and investing in startups across Africa. Drawing from her diverse experience in audit, consulting, private equity, and startup leadership, Ciku offers a grounded and candid perspective on what it takes to build sustainable, impactful businesses in volatile environments.
A Journey from Investor to Operator
Ciku begins by recounting her early career in audit and management consulting before moving into private equity. Her time at the International Finance Corporation (IFC), part of the World Bank Group, exposed her to Africa’s growing technology and startup sectors. It was during this period that she first encountered Kobo360, a logistics-tech startup operating in Nigeria. Enthused by its mission and potential, Ciku made a bold move from investor to operator, taking on the role of Chief of Staff and Head of Investor Relations.
This transition marked a significant pivot, not just professionally but personally. It allowed her to experience first-hand the pressures and complexities faced by startup founders and leadership teams, particularly in African markets where infrastructure gaps, capital constraints, and regulatory hurdles are everyday challenges.
Facing the VC Winter and Operational Reality
Ciku provides a detailed account of Kobo360’s journey through Africa’s startup boom and the subsequent "VC winter", when global capital retreated, and the company was forced to pivot from growth at all costs to operational sustainability. While early success was buoyed by investor confidence and expansion, it became increasingly clear that the core business model was not commercially viable at scale.
To survive, Kobo360 implemented a sweeping transformation: it restructured operations, laid off over 170 staff, cut operating expenses by 65%, and focused on profitable customers with shorter payment cycles. The team automated compliance processes, improved internal controls, and reoriented around high-margin services. Remarkably, despite receiving no new external funding, the business ended the year with 15% revenue growth and a 72% improvement in EBITDA margins.
This period, though incredibly difficult, taught Ciku invaluable lessons about leadership, decision-making, and resilience. She emphasises that sustainable growth demands painful trade-offs, and that founders must be willing to adapt quickly and ruthlessly if their businesses are to survive.
Returning to Investment with Empathy
Having returned to the investment world—now managing a family office focused on impact-led businesses in Kenya—Ciku reflects on how her experience at Kobo360 has reshaped her approach as an investor. She is now far more empathetic to the challenges founders face and more focused on real-world business fundamentals rather than growth projections or hype.
Her current investment philosophy is grounded in pragmatism and intentionality. She seeks out businesses that address real economic needs, are rooted in commercial reality, and are led by founders who balance ambition with humility. In her view, Africa’s future lies in businesses that embrace the real economy, particularly in sectors such as logistics, manufacturing, healthcare, and creative industries.
Advice for Founders in Africa
Ciku encourages African founders to take ownership of their journey. “Hold your destiny in your hands,” she says, stressing the importance of building businesses that can stand on their own, even in the absence of constant external capital. Founders must be flexible, disciplined, and focused on commercialisation and sustainability, rather than mimicking Silicon Valley’s scale-first playbook.
She recognises that there’s still a place for moonshots and unproven models, but in most cases, especially in African markets, businesses must be viable from early on.
Looking Ahead: Opportunity in Resilience
Despite the challenges, Ciku remains optimistic about Africa’s innovation landscape. She sees promise in youth-led ventures, the expanding creative economy, and the integration of regional markets, particularly in East Africa. Her vision is of a continent where innovation is not just about disruption, but about resilience, inclusion, and long-term value.
This episode is a powerful reflection on the evolving nature of entrepreneurship in Africa—where real growth is hard-earned, deeply human, and more meaningful than ever.
