Two former Uber executives have quietly formed a group to invest in other former Uber employees' projects
- Two former Uber executives have formed a group to fund startups led by other Uber alums.
- The group, called Moving Capital, has already made a number of transportation-focused investments in companies Lime, Cargo, Replicated, Service, and Salido.
A group of Uber defectors are quietly working together to spearhead each other's new companies, Axios reports.
The project, led by former Uber General Manager Josh Mohrer and former Uber west coast operations lead William Barnes, aims to invest in transportation-focused companies led by other former Uber employees. The project is appropriately named, "Moving Capital."
Moving Capital has already invested in two closely watched companies: Red-hot scooter startup Lime, and rideshare company Cargo. Additional portfolio companies include Replicated, Service, and Salido, TechCrunch reports.
The group doesn't plan to operate like a traditional venture fund: Instead, it will use the angel investor and job-seeker platform AngelList as a launchpad to syndicate its investments. Axios hints, however, that a move to a more traditional investing fund is in the works for the 9-month-old project.
While the project's primary focus is on companies led by Uber alums (as many as 100 former Uber employees are involved) it isn't opposed to investing in other projects as well, Mohrer told TechCrunch.