Uber executives form group to invest in other former employees’ projects

REUTERS/Eduardo Munoz

• 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.