PIF invests into new startup owned by Uber: WSJ

10/11/2019 Argaam

 

Saudi Arabia’s sovereign-wealth fund, the Public Investment Fund (PIF) has pumped $400 million into a new startup founded by Travis Kalanick called “CloudKitchens”, according to the Wall Street Journal.

 

The news has not been yet confirmed by the sovereign-wealth fund. However, the startup market value is expected to reach $5 billion.

 

The Saudi fund’s agreement with CloudKitchens was completed in January, according to the newspaper’s sources.

 

CloudKitchens is specialized in building commissary kitchens for restaurants wanting to prepare food exclusively for delivery services for trademarks and brands.

 

CloudKitchens also operates its own delivery-only restaurants in the commissaries.

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