Travis Kalanick

Travis Kalanick's secret, multimillion-dollar venture

Travis Kalanick
Travis Kalanick. Photo: Michael Kovac/Getty Images

Former Uber CEO Travis Kalanick is quietly developing his first venture since being ousted from the ride-hailing company in 2017, working on a multimillion-dollar plan to build CloudKitchens, a global network of commercial kitchens that offer extra capacity and expanded reach for delivery-only restaurants, the Financial Times reports.

Details: Following the momentum of Uber Eats and similar services, CloudKitchens buys and leases real estate and develops software to help restaurants manage their back-office systems and integrate with food-delivery platforms. Last March, Kalanick acquired a $150 million controlling stake in City Storage Solutions, the Los Angeles-based parent of CloudKitchens, and began opening kitchens and recruiting early hires in California.

Kalanick will be a CEO again

Kalanick on day three of the trial between Waymo and Uber Technologies on Feb. 7. Photo: Justin Sullivan/Getty Images

Former Uber CEO Travis Kalanick will be a chief executive again — this time of City Storage Systems, "a holding company focused on the redevelopment of distressed real estate assets in the areas of parking, retail and industrial," if all goes to plan, according to his Facebook page.

Why it matters: Kalanick resigned from Uber last June amid a flurry of scandals, raising questions about how he'll occupy his time now. Recently, he announced the debut of a fund, 10100, which has acquired a controlling stake in City Storage Systems.

More stories loading.