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Ex-Uber Execs Have Launched an 'Investor Syndicate' to Fund Startups From Uber Alum
Venture Capital, Capital Markets, FinTech
Two former Uber executives have started an investor syndicate called Moving Capital that will invest in companies started by Uber alum, Axios reports.
The private syndicate was launched by Josh Moherer, who will lead investments in New York City, and William Barnes, who will head operations on the West Coast, according to Axios. Moving Capital will operate via AngelList and includes about 100 former Uber employees – “many of whom have plenty of cash, thanks to theSoftBank tender,” Axios notes.
Moherer gave some background to TechCrunch about why he and Barnes launched Moving Capital:
“We believe that people who help build transformative companies will go on to do other awesome things,” Mohrer told TechCrunch about the syndicate’s thesis to invest in Uber alumni. “The idea is that we can really move the needle for companies who are doing things that are Uber-adjacent — things that are in our wheelhouse.”
Mohrer and Barnes have been working on this for the last nine months or so. While a lot of the emphasis is on backing startups led by former Uber employees, that’s not a strict requirement, Mohrer said.
At least half of the 100 members have been active in investments, according to Axios. One VC who spoke to Axios‘ Dan Primack said that while Uber’s corporate culture has developed a bad reputation because of allegations of sexual harassment and a hostile work environment, “everyone there will tell you that team leaders were basically running mini-companies, with lots of ability to try new things.”
Moving Capital’s focus will be “on two-sided marketplaces and transportation startups like Lime and Cargo,” according to TechCrunch.
Photo: Getty iStock