Travis Kalanick is buying a new enterprise that rehabs real estate and will run it as CEO – Recode

Former Uber CEO Travis Kalanick has discovered his new career.

The controversial Silicon Valley entrepreneur is signing up for a startup known as Town Storage Programs that focuses on repurposing distressed real estate belongings like parking plenty or abandoned strip malls and turning them into spaces suited for new industries, this kind of as food stuff delivery or on-line retail.

The enterprise was formerly known as CloudKitchens and was led by Diego Berdakin, according to a resource, a Los Angeles-primarily based entrepreneur and an early Uber investor. Kalanick will be the new CEO and is investing $one hundred fifty million into the 15-person startup, a sum that will obtain out most of the present outdoors buyers, the resource explained, together with previous backers like well known Silicon Valley enterprise capitalist Chamath Palihapitiya, whose Social Money quietly led the company’s most latest financing round. Social Money declined to comment.

Kalanick will now have a controlling desire in the holding enterprise.

An additional involved investor and a co-founder of the enterprise is Sky Dayton, according to a tweet from the entrepreneur.

Two of its business enterprise focuses are on buying and repurposing real estate belongings in the food stuff and retail space, according to Kalanick. The enterprise will do the job with parking and industrial belongings and improve them for new on-line-concentrated ventures.

“There are about $ten trillion in these real estate belongings that will require to be repurposed for the electronic period in the coming a long time,” he wrote.

The Los Angeles-primarily based constrained legal responsibility enterprise — a enterprise of the similar name was integrated yesterday in Delaware, according to state records — will obtain these belongings and then outfit them for new uses.

The previous enterprise known as alone “the ‘Amazon’ of the food stuff delivery world” in posted career listings, “getting food stuff to the purchaser scorching, quick, and inexpensive.”

“We give infrastructure and software program that permits food stuff operators to open delivery-only spots with negligible cash expenditure and time,” the company’s site reads.

That mission has some similarities with 1 of the assignments Kalanick was most passionate about — UberEats — which has grow to be a significant business enterprise for the enterprise by working with its motor vehicle fleet to supply meals from dining places.

In truth, present Uber CEO Dara Khosrowshahi tweeted his congratulations to Kalanick and explained CloudKitchen is a present lover of UberEats. An Uber spokesperson explained some of the “virtual” dining places that are operated by CloudKitchen operate on UberEats.

Previously this thirty day period, Kalanick declared the start of his personalized financial investment fund, known as 10100. In June 2017, the previous Uber CEO stepped down from his put up at the ride-hail enterprise under stress from significant enterprise shareholders.