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Uber’s Kalanick Launches New Investment Fund

NEW YORK, NY - JUNE 14: An Uber car waits for a client in Manhattan a day after it was announced that Uber co-founder Travis Kalanick will take a leave of absence as chief executive on June 14, 2017 in New York City. The move came after former attorney general Eric H. Holder Jr. and his law firm, Covington & Burling, released 13 pages of recommendations compiled as part of an investigation of sexual harassment at the ride-hailing car service. (Photo by Spencer Platt/Getty Images)

Uber co-founder and former Chief Executive Travis Kalanick announced in a Twitter post that he is creating a new fund called 10100, which will house his “passions, investment ideas and big bets.”

According to Kalanick, the fund will oversee his for-profit investments as well as his non-profit work. “The overarching theme will be about large-scale job creation with investments in real estate, eCommerce and emerging innovation in China and India,” wrote the entrepreneur. “Our non-profit efforts will initially focus on education and the future of cities.”  The move comes just a few weeks after Kalanick sold Uber stock worth $1.4 billion.

The fund name, which Kalanick said is pronounced ten-one-hundred, is a reference to the address where the ex-Uber executive grew up in Los Angeles, reported the Financial Times. In addition to launching an investment fund, Kalanick announced last week he has become a board member of Kareo, the cloud-based software company focused on independent medical practices. Kareo founder Dan Rodrigues co-founded Scour, a music and video file-sharing startup, with Kalanick. It was sued by the music industry in 2000, reported The Financial Times. Kalanick, noted the paper, has been an investor in Kareo for several years, dating back to 2009.

In January Kalanick sold close to one-third of his 10 percent stake in Uber for the $1.4 billion as part of a deal in which SoftBank became a 17.5 percent owner in the ride-hailing company. SoftBank purchased most of its shares from early investors and employees who have been with the startup from the beginning. With the stock sale, he became a  billionaire for the first time officially as opposed to on paper. Kalanick was ousted from Uber in June after a string of scandals rocked the company and resulted in the appointment of Dara Khosrowshahi as its new Chief Executive.