Cloud Kitchen's Raises $400M
Emailed on November 8th, 2019 in The Friday Forward
The Wall Street Journal's Rory Jones and Rolfe Winkler reported on Thursday that Travis Kalanick, former Uber founder/CEO, quietly raised $400 million from Saudi Arabia's sovereign-wealth fund in January in a deal that could value CloudKitchens, his delivery-only restaurant company, at $5 billion.
"Saudi Arabia was one of Uber's biggest backers before Kalanick was booted from its C-suite amid a scandal-ridden 2017. It's also one of the kingdom's first major investments since the murder of the American journalist Jamal Khashoggi last year, which has caused some investors — but not all — to reconsider their ties to it" according to Business Insider.