The Saudis reportedly invested $400 million in Uber founder Travis Kalanick’s secret startup by skleb1234
reportedThe investment from Saudi Arabia’s sovereign wealth fund reunites Kalanick with one of his old allies: Yasir al-Rumayyan, the fund’s governor, in 2016 spearheaded a $3.5 billion investment in Uber, and when a group of investorsCloudKitchens does away with traditional front-of-house service by creatingoptimized for takeout, which are then rented out to restaurants who want to prepare food exclusively for delivery services.
The delivery-only food startup buys cheap or rundown properties across the U.S. and elsewhere to build these so-called ghost kitchens; it also operates several of its own delivery-only restaurants. Before the Saudi investment, CloudKitchens was funded with $300 million from Kalanick himself—some of which he got from selling Uber shares, theKalanick’s startup may eventually put him in competition with his old company, which is also capitalizing on the booming food-delivery trend with its popular service Uber Eats.Meanwhile, over at Uber, things aren’t looking great.
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