Travis Kalanick’s kitchen rental company CloudKitchens has received a $400 million investment from Saudia Arabia’s sovereign wealth fund that values the startup at around $5 billion, the Wall Street Journal reports.
Kalanick has a longstanding history with Saudia Arabia’s sovereign wealth fund, known as the Public Investment Fund or PIF. The fund first poured $3.5 billion into Uber in 2016. Kalanick was ousted from his position as the company’s chief executive officer a year later, following numerous reports of a toxic culture within the company.
Since his departure from Uber, Kalanick has quietly been building CloudKitchens. He has said that CloudKitchens, which owns kitchen rental properties for food delivery in seven countries including the U.S., China and India, will be “bigger than Uber.” Today, Uber has a market capitalization of around $46 billion.