Former Uber CEO Travis Kalanick Is Starting Over With Real Estate Startup City Storage Systems
Former Uber CEO Travis Kalanick is back in action after making a sizeable investment in real estate startup City Storage Systems, which buys and repurposes distressed real estate assets and parking lots for industries like food services and retail. In the announcement, which was delivered on Twitter, Kalanick states that his newly launched venture fund 10100 (pronounced ‘ten-one-hundred’) injected $150 million into City Storage Systems to acquire a controlling interest.
My new gig… pic.twitter.com/vpD528cdyf
— travis kalanick (@travisk) March 20, 2018
Here is the full announcement:
Earlier this month, I launched 10100, a fund that is home to my passions, investments, ideas and big bets, with a particular focus on real estate. I’m excited to announce our first big bet in that area today: 10100 has entered into an agreement to acquire a controlling interest in CSS, City Storage Systems, a holding company focused on the redevelopment of distressed real estate assets particularly in the areas of parking, retail and industrial. There are over $10 trillion in these real estate assets that will need to be re-purposed for the digital era in the coming years.
The $150M investment in CSS is driven by the massive opportunity to reposition unproductive assets to fuel job creation. Of particular interest are CSS’s leading B2B initiatives, CloudKitchens and CloudRetail, focused on real estate acquisition and development for the food and retail services industries. Upon closing, the team at 10100 expects to be highly involved in the operations of CSS, where I will serve as its chief executive officer.
In 2017, Kalanick was forced to resign as CEO of Uber following a series of questionable behaviors that ultimately made him a liability to the $70 billion dollar startup.