He added that the fund will also invest in nonprofits focused on education and the future of cities.
The former CEO of Uber, who only recently resurfaced publicly since his June 2017 ouster, wrote that he has been working on what his next move will be over the last few months. Moreover, Travis Kalanick will use this fund to invest in real estate, e-commerce, and "emerging innovation" in India and China.
The company has begun approaching loan investors directly to borrow the funds, instead of going through banks, and has scheduled a meeting today to discuss the financing, said the people, who asked not to be identified because the information has not been made public. It will oversee his for-profit investments and his non-profit work.
On Wednesday, Kalanick announced the creation of 10100 - pronounced "ten-one-hundred" - on Twitter, saying that the "overarching theme" of the fund's work would be "large-scale job creation".
Kalanick did not immediately respond to a request for comment. According to The Verge's Nick Statt, "In a recent deal with Japanese telecom SoftBank, Uber's power structure shifted, diminishing Kalanick's control of the Uber board by diluting his shares and giving SoftBank control of two board seat appointments alongside a change to the voting power of shareholders".
Earlier this year, Kalanick partly sold his 10 per cent stake in Uber for around $1.4 billion.
After helping make Uber one of the wealthiest technology startups globally, this year will see Kalanick back doing what he does best - building startups.