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  1. Former Uber Chief Travis Kalanick is buying this company for $150 million and will be the new CEO

Former Uber Chief Travis Kalanick is buying this company for $150 million and will be the new CEO

Travis kalanick will be joining City Storage Systems (CSS), a company that focuses on redevelopment of distressed real estate assets like parking lots, strip malls, among others.

By: | Updated: March 21, 2018 10:23 AM
Former Uber Chief Travis Kalanick is buying this company for 0 million and will be the CEO Former Uber CEO Travis Kalanick

Former Uber CEO Travis Kalanick, who was shown the door last year amid controversies, has found himself a new role. Travis kalanick will be joining City Storage Systems (CSS), a company that focuses on redevelopment of distressed real estate assets like parking lots, strip malls, among others. This comes in just after Travis announced the launch of his new fund weeks ago. He further in his tweet stated that his fund would be investing $150 million in the company to take a controlling interest.

Further, Kalanick will be running the company as CEO. He resigned from Uber after going through a lawsuit over trade secrets, a harassment probe and an ongoing tiff with existing shareholders Benchmark Capital. That’s when Dara Kosrowshahi joined as the new Uber CEO.

Kalanick, in his tweet, stated that the fund was floated with his windfall from the Uber shares sold in its financing round. He said, the fund called, 10100, would be working towards large-scale job creation with investments in ecommerce and emerging tech startups in China and India. CSS holds two businesses CloudKitchens and CloudRetail.

The company formerly known as CloudKitchens, was led by Diego Berdakin, according to media reports. Kalanick will be the new CEO and will be investing $150 million that’ll almost buy out the existing investors.

CloudKitchens describes itself as, “We provide infrastructure and software that enables food operators to open delivery-only locations with minimal capital expenditure and time.”

Current Uber CEO Dara Khosrowshahi tweeted after Kalanick, “Congrats to @travisk on his new venture – the serial entrepreneur goes serial fast.  @CloudKitchen a super-interesting partner of @UberEats today.” UberEats is a partner of CloudKitchen, further, all the cloud restaurants floated by CloudKitchen run on UberEats.

According to the tweets, Sky Daton is another investor and co-founder of the company. Kalanick further added, in his tweet, “There are over $10 trillion  real estate assets that will need to be repurposed for the digital era in the coming years.”

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