Saudis pump $400 million into former Uber CEO Travis Kalanick's startup
CloudKitchens, a startup founded by former Uber CEO Travis Kalanick, has raised $400 million from Saudi Arabia's sovereign wealth fund, the Wall Street Journal reports.
Why it matters: CloudKitchens was the Saudi fund's first known deal in Silicon Valley since the murder of journalist Jamal Khashoggi last year and was completed in January. Several companies backed away from doing business with Saudi Arabia in the immediate aftermath of Khashoggi's death, but as Axios' Dan Primack notes, there has been no fundamental change. The sovereign wealth fund is Uber's fifth-largest outside shareholder.
Go deeper: The power of authoritarian hush money