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CloudKitchens secured $400 M from Saudi sovereign wealth fund

Uber, former CEO and Co-Founder Travis Kalanick, food delivery startup CloudKitchens, has now secured funding worth $400 million from the Saudi Arabia sovereign wealth fund. According to the report which has been revealed the deal marks the coming together of the co-founder of the US-based ride-hailing giant and Saudi Fund, which has also been a backer of the Kalanick.

It stated that the funding was completed in the month of January, which valued the CloudKitchens, which is a subsidiary of the Kalanick’s Los Angeles based company city Storage Systems, at $5 billion.

Apart from that, not much is known about the former Uber CEO’s latest venture, CloudKitchens, which operates ghost kitchens that even allows the restaurants and eateries to add some of the new businesses without leasing the physical space.

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