Jan 18, 2017

Hyperloop One taps Uber's old CFO to help it raise funds

Hyperloop One announced Wednesday that it's promoted financial advisor Brent Callinicos to COO and CFO. The company is one of several racing to develop a high-speed train based on a concept developed by entrepreneur Elon Musk.

Top priority: Callinicos' first priority will be raising a Series C in the coming months, he told the Wall Street Journal. While at Uber as the company's CFO for three years, he helped the company raise more than $4 billion in equity and debt funding.

  • The funding round is likely to be large—in October, Forbes reported that the company plans to raise as much as $250 million in early 2017. Reached for comment, Hyperloop One declined to share specifics with Axios about its fundraising plans.

Extra marketing: In the next 90 days, Hyperloop One plans to do a demo of a new track, and while Callinicos says that the fundraising is unrelated to its construction, it will likely be a "flashy public display that is going to cause a spike in demand," he told the Journal.

Why now? Callinicos' promotion is in part due to a recent fight between some of Hyperloop One's executives. Co-founder Brogan BamBrogan and three other execs sued the company last year, alleging mismanagement.

Go deeper