Geared with a fresh $1.4 billion in his pocket after stepping down from his role at Uber Technologies Inc., the company he co-founded in 2009 and helped grow into the world's most valuable startup, Travis Kalanick has announced that he is turning his attention to startup investments. (See also: Google and Uber: From ‘Brothers’ to Enemies.)
The on-demand transportation company's former CEO was ousted in June after a series of scandals, including sexual harassment allegations against staff, battles with handfuls of governments and cities around the world, and issues with its drivers.
On Wednesday, Kalanick took to his Twitter Inc. (TWTR) account and said that he is creating a fund called 10100 (pronounced "ten-one-hundred") that will be "home to my passions, investments, ideas and big bets. It will be overseeing my for-profit investments as well as my non-profit work." He suggested that he came up with the idea over the past few months, during which he has begun making investments, joining boards and working closely with founders and non-profit organizations.
New Venture to Target 'Large-Scale Job Creation'
The ex-Uber executive added that his investment fund's overarching theme is to create "large-scale jobs," through ventures in segments such as real estate, e-commerce, and emerging innovation in growth markets such as India and China. Focusing on these two fast-growing economies will force Kalanick to revisit areas where his company faced some major hurdles. As CEO of the San Francisco-based sharing economy giant, Kalanick struggled to gain share in the booming Chinese market. In 2016, he ultimately decided to sell Uber's business in the country to domestic rival Didi Chuxing after indicating that the company was spending $1 billion annually in the fight.
"Our non-profit efforts will initially focus on education and the future of cities. For anyone who wants to get to work, email me at email@example.com," tweeted the entrepreneur, who is now worth approximately $4.8 billion, according to Forbes.
Kalanick did not specify the size of his new investment fund, or information on who else will be working alongside him on the project. (See also: Goldman to Spend $2.5B to Buy Stakes in PE Firms.)