Former Uber CEO To Join Startup Focused On Repurposing Distressed Real Estate Assets
After recently launching 10100, a real estate-focused investment fund, former Uber CEO Travis Kalanick has announced the fund will be investing $150M to take a controlling interest in a startup focused on redeveloping distressed real estate assets.
Kalanick will also act as CEO for the Los Angeles-based company, called City Storage Systems, moving forward.
City Storage Systems is composed of two business units, CloudKitchens and CloudRetail, and focuses on repurposing assets like vacant parking lots and abandoned industrial spaces to modernize them for food delivery or e-commerce ventures, Recode reports.
While details are still limited, there has been some speculation about potential overlap with UberEats after Uber CEO Dara Khosrowshahi posted a tweet Tuesday congratulating Kalanick on the new venture and saying CloudKitchen is “a super-interesting partner of UberEats today.”
As for 10100, no further investments have been announced. Kalanick said the company will focus on large-scale job creation and investments in real estate, e-commerce and emerging innovation in China and India.