Former Uber CEO Travis Kalanick has announced his new 10100 investment fund has earmarked $150M to take control of a startup focused on redeveloping distressed real estate assets.
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, writes Lara O’Keefe at bisnow.com.
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While details are still limited, there has been some speculation about potential overlap with UberEats after Uber CEO Dara Khosrowshahi posted a tweet congratulating Kalanick on the new venture and saying CloudKitchen is “a super-interesting partner of UberEats today.”
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