Wall Street Journal says Travis Kalanick has received funding from Saudi Arabia's Public Investment Fund
Travis Kalanick’s secretive new food start-up has taken $400 million of funding from Saudi Arabia’s Public Investment Fund, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify.
The financing valued the ex-Uber Technologies chief executive officer’s CloudKitchens at about $5 billion, according to the report, which said the deal was completed in January.
A spokesman from PIF declined to comment.
Kalanick, who was ousted in 2017 from the US ride-hailing leader he co-founded after a series of scandals, is betting on so-called dark kitchens becoming a backbone for the rapidly expanding food-delivery market.
The idea is to let eateries add new business without needing to lease a traditional restaurant space. The UK’s Deliveroo helped pioneer the idea, but CloudKitchens - a subsidiary of Kalanick’s Los Angeles-based City Storage Systems - acquired London-based dark kitchen startup FoodStars last year according to a Financial Times report in March.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.