- Fund puts $150 mln in City Storage Systems
- CSS: holding company for redevelopment of distressed RE
- CloudKitchens and CloudRetail are its B2B initiatives
Travis Kalanick took to Twitter to announce the first investment from his 10100 family office fund: a redeveloper of distressed real estate assets.
Pronounced ten-one-hundred, the fund is investing $150 million to acquire a controlling interest in City Storage Systems, a holding company that specializes in parking, retail and industrial, according to Kalanick’s tweet.
“There are over $10 trillion in these real assets that will need to be repurposed for the digital era in the coming years,” the tweet said.
Two of CSS’s B2B initiatives mentioned in the tweet are CloudKitchens and CloudRetail. Both focus on the food and retail services industries.
CloudKitchens provides fully equipped kitchens to chefs, restaurants and entrepreneurs and promises demand generation and delivery of the food to customers, according to its website.
It partners with online ordering and delivery services like UberEats to deliver food to its customers.
Details on the CloudRetail business weren’t immediately available.
Kalanick’s family office has a team of 15 people, the tweet said.