The founders of Uber and hospitality company Habitas have launched a new multifamily development and management company.

Travis Kalanick and Oliver Ripley have launched Sekra, a startup focused on building and managing luxury apartments aimed at wealthy, younger renters, Fast Co. reported.

Sekra quietly raised $12.5M in its first round of seed funding, which was co-led by venture capital firms Fifth Wall and 8VC.

The company plans to target sites in coastal U.S. cities, Riyadh, Saudi Arabia, and Dubai, United Arab Emirates. Sekra plans to start by acquiring, renovating and operating existing properties before eventually building ground-up projects.

The firm plans to capitalize on new technology and hospitality measures to meet the needs of the growing Generation Z renter pool. This includes using tech to control appliances and lighting and even to support sleep.

The launch comes as younger people are renting longer, with homeownership seen as increasingly out of reach.

Habitas was backed by Kalanick and Starwood Capital CEO Barry Sternlicht. In 2022, the hotel chain got a $50M investment from the Public Investment Fund of Saudi Arabia and A&K Travel Group. The brand has 13 hotels in the Americas, the Middle East and Africa.

Kalanick also invested in the ghost kitchen market, launching CloudKitchens and acquiring more than 40 properties in two dozen cities for $30M.