Saudis Reportedly Fund Travis Kalanick`s Ghost Kitchen Company

Uber’s ex-CEO Travis Kalanick disrupted food delivery in 2014 when he launched Uber Eats. He’s going even deeper with his new venture, CloudKitchens, which received a $400 million infusion in January from Saudi Arabia’s Public Investment Fund, the WSJ reported. It could be valued at about $5 billion. 

  • This marks the fund’s first known investment in the Bay Area since Saudi operatives murdered journalist Jamal Khashoggi in Oct. 2018.

CloudKitchens is a “ghost kitchen” operator. It takes advantage of tax incentives and cheap property to buy real estate, then builds kitchens for delivery-focused restaurants. 

  • Thousands of restaurants are experimenting with virtual kitchens, from delivery-exclusive operations to traditional sit-down spots...
   ...more

RSK: I am thinking "Ghost Kitchens" are here to stay for a while.



- - Volume: 7 - WEEK: 46 Date: 11/12/2019 8:50:38 AM -