Former Uber CEO Travis Kalanick has found his new job. The controversial Silicon Valley entrepreneur is joining a startup called City Storage Systems that focuses on repurposing real estate assets.
Kalanick, who will be CEO, invested $150 million into the 15-person startup, according to a statement he tweeted on Tuesday.
That initial investment gives Kalanick controling interest in the company. Two of its businesses focuses on buying and repurposing real estate assets in the food and retail space, according to Kalanick. The company will also work with parking and industrial assets.
"There are over $10 trillion in these real estate assets that will need to be repurposed for the digital era in the coming years," he wrote.
Read more from Recode:
Google and Facebook can't help publishers because they're built to defeat publishers
Bumble called Tinder's parent company a 'bully' and promised it would never sell to them, 'no matter the price tag'
A whopping 80 percent of all venture capital investment goes to just three states. That has to change.
The Los Angeles-based limited liability company — a company of the same name was incorporated yesterday in Delaware, according to state records — will acquire those assets and then outfit them for new use cases.
Earlier this month, Kalanick announced the launch of his personal investment fund, called 10100. In June 2017, the former Uber CEO stepped down from his post at the ride-hail company under pressure from major company shareholders.