Former Uber CEO Kalanick to set up investment fund

Uber's embattled former CEO and co-founder Travis Kalanick announced on Wednesday that he is launching a new investment fund called'10100

Kalanick announced through micro-blogging site Twitter on Thursday that he was setting up a fund called 10100 (pronounced "ten-one-hundred"), which he said will be home to his passions, investments and big bets.

To that end, he's been making personal investments in both for-profit and not-for-profit companies, and is creating this new fund to manage those ventures.

Kalanick, who cofounded Uber almost a decade ago, was ousted from his ride-hailing company after a tumultuous period previous year.

Kalanick who was forced from the ride-hailing company back in June unveiled his plans on Wednesday
Kalanick who was forced from the ride-hailing company back in June unveiled his plans on Wednesday

He added that the fund will also invest in nonprofits focused on education and the future of cities.

'Over the past few months I've started thinking about what's next.

He expressed a previous interest in India and invested Uber into three Indian startups last January when he was still at the helm, totalling about $50,000 (£36,011). He still serves on Uber's board and owns a stake in the company. "It will be overseeing my for-profit investments as well as my non-profit work", said Kalanick in a statement.

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Kalanick didn't announce any partners, fundraising schedules or goals, like a mature VC fund would normally do.

Kalanick did not immediately respond to a request for comment.

In one late previous year, it came to light that Uber had paid hackers $100,000 following a massive security breach during Kalanick's time as CEO.

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He was forced to quit as Uber's CEO following a flood of allegations, including that he indulged in unethical business practices and supported staff accused of harassing female employees at the San Francisco-headquartered company. Kalanick is an investor in the company and attended UCLA with Kareo founder Dan Rodrigues. "The start-up ecosystem in the country has grown in the last 10 years, and the funding environment has gone global.we now have global investors whose main thing is to invest in India" Kalanick had then said.

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