Mobility and, by extension, places to store and maintain those mobile technologies are part of the problem. The funding round was joined by SoftBank Vision Fund, UBS AM, Oaktree, and Target Global. Meanwhile, REEF Technology and Oaktree are collaborating on a $300 million real estate investment vehicle, the Neighborhood Property Group, as Bloomberg reported on Monday. These restaurants are, in some cases, taking advantage of the employees that REEF Technology has operating its network of kitchens. In addition, it added a number of service providers as partners, including last-mile delivery startup Bond (and the logistics giant, DHL); the national primary healthcare services clinic operator and technology developer, Carbon Health; the electric vehicle charging and maintenance provider, Get Charged; and — at its operations in London — the new vertical farm developer, Crate to Plate (Ojalvo said it was in talks with established vertical farming companies in the U.S. on potential partnerships). REEF Technology, which operates North America’s largest parking network, said in a Facebook post on March 28 that it was working to transform its network of 5,000 parking locations into testing sites, delivery hubs for essential goods & services, and much more in the fight against … Acorn is the web platform for data. Meanwhile, REEF Technology and Oaktree are collaborating on a $300 million real estate investment vehicle, the Neighborhood Property Group, as Bloomberg reported on Monday. And REEF acquired a company earlier in May to consolidate its back-end service for on-demand deliveries. REEF Technology is the ecosystem that connects the world to your block. Kalanick, the Uber co-founder and former CEO whose company received billions from SoftBank, has been snapping up properties in the U.S. and Asia under an investment vehicle called City Storage Systems, which also uses parking lots and abandoned malls as fulfillment centers. It seems like SoftBank and the Mubadala Corp. aren’t finished taking big swings at the commercial real estate business in the U.S. ; and — at its operations in London — the new vertical farm developer. Instead, its business seems to be based on the notion that most delivery services should be no more than 15 minutes away. Maybe there is a play to add modular or prefab units to the existing parking spaces on provide flex for scaling, but it’s not clear that anyone is growing at a frantic pace… I’m just not sure how to see converted parking versus other… commercial spaces for retail or office that are all searching for new applications.”, REEF Technology last mile delivery vehicle and DHL-branded vehicle. To basically build their marketplaces.”, CARDIFF, UNITED KINGDOM – DECEMBER 22: A Deliveroo rider at work at night on December 22, 2018 in Cardiff, United Kingdom. AbuDhabi's Mubadala Investment Company has led a $700 million funding round for Reef Technology, a US-based mobility, logistics and neighborhood hub operator. Find out more about how we use your information in our Privacy Policy and Cookie Policy. SoftBank Vision Fund, funds managed by Oaktree Capital Management, L.P., UBS Asset Management and Target Global also participated in the round. It’s another difference between WeWork and REEF. Discover more than 350 UAE-based Technology startups on MAGNiTT. Oak-Tree builds technology that connects people to their data and empowers insight. Next year, the company plans to launch the first of its experiential, open-air entertainment venues at a space it operates in Austin, according to Ojalvo. As REEF raises money for expansion, it’s tapping into a new theory of urban development embraced by mayors from Amsterdam to Tempe, Arizona calling for a 15-minute city (one where the amenities needed for a comfortable urban existence are no more than 15 minutes away). AbuDhabi's Mubadala Investment Company has led a $700 million funding round for Reef Technology, a US-based mobility, logistics and neighborhood hub operator. In total, REEF, which can reasonably be described as a webwork for a neighborhood store, has $ 1 billion in capital that comes to build it as a proximity-as-a-service platform . REEF Technology has raised a total of $1.2B in funding over 3 rounds. If that’s not enough, there are plenty of under-utilized assets that are already on the market thanks to the economic downturn wrought by the COVID-19 pandemic and the government’s efforts to contain it. Restaurant demand for delivery-only kitchens has skyrocketed amid the pandemic, with some ghost kitchen companies reporting waiting lists for future locations. It seems like SoftBank and the Mubadala Corp. aren’t finished taking big swings at the commercial real estate business in the U.S. Hertz Global Holdings Inc. will sell as many of its rental cars as possible while in bankruptcy to bring its huge fleet in line with reduced future demand in a post-pandemic economy. It’s like electricity. REEF is the largest operator of mobility, logistics hubs, and neighborhood kitchens in N. America with a network of 4,500 locations and15,000 employees. (Bloomberg) -- Reef Technology Inc., a startup that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing, launched a $300 million fund in partnership with Oaktree Capital Management LP. The company already employs more than a thousand kitchen workers prepping food at its restaurants. “We’re building a platform of proximity,” says Ojalvo. REEF Technology is the largest parking operator in North America, with over 4,500 locations and 2 million parking spots. In a separate move, Reef and Oaktree formed a $300 million venture to acquire strategic real estate to help Reef grow. To fund its huge mission, REEF Technology scored a $700 million investment from SoftBank, Mubadala Capital and other investors in November. REEF Technology announced $1 billion in investment this week: $700 million in investments from Abu Dhabi’s sovereign wealth fund, SoftBank and others, and a $300 million property acquisition fund with Oaktree Capital. SoftBank and Mubadala are joining private equity and financial investment giants Oaktree, UBS Asset Management and the European venture capital firm Target Global in providing the cash for the massive equity financing. “But how do delivery players use these spaces versus say lots of low cost retail spaces that can be used to staging or package returns. (Image: Bing Guan/Bloomberg via Getty Images). Reef Technology has partnered with Oaktree Capital Management to create a $300 million property fund, according to Bloomberg. Reef and Oaktree's infrastructure arm have reportedly teamed up to form the Neighborhood Property Group, which will buy real estate assets in areas experiencing population booms fueled by pandemic relocation trends. Meanwhile, REEF Technology and Oaktree are collaborating on a $300 million real estate investment vehicle, the Neighborhood Property Group, as Bloomberg reported on Monday. While it still manages parking lots, it now adds infrastructure for cloud kitchens, healthcare clinics, logistics and last-mile delivery, and even old-school brick and mortar retail and experiential consumer spaces on top of those now-empty parking structures and spaces. It’s a worthwhile goal, but while mayors seem to place the emphasis on the availability of accessible amenities, REEF’s leadership acknowledges that only a few of its parking lots and garages will be multi-use and accessible to neighborhood residents. You can change your choices at any time by visiting Your Privacy Controls. Formerly known as ParkJockey Global, its goal is to transform parking garages and lots across the U.S. into thriving community hubs. (Ojalvo said it was in talks with established vertical farming companies in the U.S. on potential partnerships). The investment comes as signs of distress in the parking sector mount as coronavirus continues to change how we work and shop. Roughly half of the average modern American city, as REEF notes, is devoted to parking, while parks occupy only 10% of urban spaces. It’s a different project, but it also has a number of supporters. REEF Technology is a company that provides hardware, software, and management services for parking lots. Reef and Oaktree’s infrastructure arm have formed the Neighborhood Property Group to acquire strategic real estate assets, the companies told … Their latest funding was raised on Nov 3, 2020 from a Private Equity round. $700m equity raise, REEF Technology, led by Ari Ojalvo, launched a $300m infrastructure partnership REEF Technology has scored a mega-investment from SoftBank Vision Fund and Mubadala Capital: a $700 million growth equity round. Even after the collapse of WeWork, the investors are doubling down on a similar business model as part of a syndicate investing $700 million into REEF Technology. In all, REEF, which could reasonably be described as a WeWork for the neighborhood store, has $1 billion in capital coming to build out what it calls a proximity-as-a-service platform. Reef Technology, which turns underutilized urban space into what it calls “neighborhood hubs,” announced today it has just raised a $700 million syndicate investment to further that vision. One could argue that cloud kitchen providers like Zuul, Kitchen United and Travis Kalanick’s Cloud Kitchens all ascribe to the same belief. Like WeWork, REEF leases most of the real estate it operates and upgrades it before leasing it to other occupants (or using the spaces itself). The emirate's strategic investment arm was joined by SoftBank Vision Fund, Oaktree, UBS and Target Global, the company said on Twitter. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Still, the fact remains that something needs to change. Kroger, one of America’s largest grocery chains, experiments with ghost kitchens and delivery in the Midwest. According to a spokesman, only several hundred of the company’s planned 10,000 businesses will have the kind of multi-use mall environment that encourages neighborhood access. That same strategy will likely apply to other aspects of the company’s services, as well. Abu Dhabi's Mubadala Capital has led a $700M funding round for US-based Reef Technology - a startup that manages hubs in parking lots used for food delivery and other services. The COVID-19 outbreak that has changed so much of modern life in America so quickly in the span of a single year didn’t create the urge to transform the urban environment, but it did much to accelerate it. The company not only provides the space, in many instances it’s providing the labor that’s allowing businesses to scale. Since taking a minority investment from SoftBank back in 2018 (an investment which reportedly valued the company at $1 billion) and transforming from ParkJockey into REEF Technology, the company added a booming cloud kitchen business to support the increase in virtual restaurant chains. It has since expanded its vision while remaining true to its basic business model. “We have inbound interest from companies that do edge computing and companies getting ready with 5G,” he said. Softbank and Mubadala led the round, along with Oaktree, UBS Asset Management, and Target Global. This brings Reef’s total … “I guess a lot depends on how you think delivery players work out in the coming years versus say drive through or curbside pickup which seems to be where large national players are focused (Starbucks, McDonalds, Dominos, etc),” wrote on venture investor in an email. Since the … In all, REEF, which could reasonably be described as a WeWork for the neighborhood store, has $1 billion in capital coming to build out what it calls a proximity-as-a-service platform. REEF already operates more than 100 neighborhood kitchens across more than 20 markets in North America, and that number will only grow as the company expands its regional footprint. The company is a leading provider of last-mile parcel delivery services and logistics through its ghost kitchens, electric vehicle charging and online grocery delivery business units. (Bloomberg) -- Reef Technology Inc., a startup that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing, launched a $300 million fund in partnership with Oaktree Capital Management LP. Connect with … REEF Technology is funded by 7 investors. Without electricity and connectivity, we don’t have the world we want to see.”, Rental cars are stored in a parking lot at Dodger Stadium in this aerial photograph taken over Los Angeles, California, U.S., on Wednesday, May 27, 2020. NEW DELHI/DUBAI (Reuters) - Abu Dhabi state fund Mubadala Investment Co is in advanced talks to invest up to $1 billion in the retail division of India's Reliance Industries Ltd RELI.NS, two sources told Reuters, as investor interest in the Indian company surges. Big retailers also have taken notice of the new revenue stream, and one of America’s largest, Kroger, is even running a ghost kitchen experiment in the Midwest. ; the electric vehicle charging and maintenance provider. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. REEF began its life as Miami-based ParkJockey, providing hardware, software and management services for parking lots. Since taking … The bulk of the company’s revenue is coming from its parking business, but Ojalvo expects that to change as its cloud kitchen business continues to grow. TechCrunch first reported the news. Yahoo is part of Verizon Media. REEF Technology has a more wholesome image and thriving in a pandemic could give it roots that are missing from those businesses that crumble under pressure. “But the demand is growing for a better ‘city product’, the need to make cities better for the environment and our lives has never been greater, and the dream to build the city of the future never dies. And further down the road, the company sees an opportunity to serve as a hub for the kinds of data-processing centers and telecommunications gateways that will power the smart city of the 21st century, Ojalvo said. REEF began its life as Miami-based […] It transforms parking lots into neighborhood delivery hubs for local businesses. “That proximity is driven through an install base that’s in parking lots or parking garages… [and] that enables all sorts of companies to use its proximity as a platform. Despite the negative criticism SoftBank received for its WeWork stance, its share price has rebounded 169% since its March market crash low and it believes it will be cash flow positive in 2021. Health and Medical. The emirate's strategic investment arm was joined by SoftBank Vision Fund, Oaktree, UBS and Target Global, the company said on Twitter. (Photo by Matthew Horwood/Getty Images). Image Credit: REEF Technology. “Data and infrastructure is a big part of our neighborhood hub. It’s hosting virtual kitchens from celebrity chefs like David Chang’s Fuku, and, according to the company, offering lifelines to beloved local restaurateurs like the chain Jack’s Wife Freda in New York or Michelle Bernstein’s kitchens in Miami. In part that’s because REEF operates its own businesses on the premises and works with startups to provide actual goods and services that are location dependent for their success and revenue generating. According … E-Commerce and Web. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Mubadala Capital | Ventures US and Target Global are the most recent investors. Integrated platforms and machine learning driven solutions will allow for patients to become active participants in their … the national primary healthcare services clinic operator, which also uses parking lots and abandoned malls as fulfillment centers. Unlike WeWork, the business actually has a fair shot at working out — especially given business trends that have accelerated in response to the health and safety measures implemented to stop the spread of the COVID-19 pandemic. Now that dream is subsidized by VC.”. (Bloomberg) -- Reef Technology Inc., a startup that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing, launched a $300 million fund in partnership with Oaktree Capital Management LP.Reef and Oaktree’s infrastructure arm have formed the Neighborhood Property Group to acquire strategic real estate assets, the … REEF’s language is centered on changing a world of parking lots into a space of paradises, but that language belies a reality that makes its money (at least for now) off of isolating individuals into personal spaces where their commercial needs are met by delivery — not by community interaction. At the same time, with Oaktree Capital Management’s infrastructure arm, REEF launched a $300 million fund, called Neighborhood Property Group, to acquire more strategic real estate assets. REEF and Oaktree launch $300 million infrastructure partnership: The Neighborhood Property Group By leveraging its distributed real estate network and technology, REEF has built a proximity-as-a-service platform to build Neighborhood Hubs. It allows you to turn your ideas into content and experiences faster than ever before. Even after the collapse of WeWork, the investors are doubling down on a similar business model as part of a syndicate investing $700 million into REEF Technology. “Traditional developers and local policies have been slow to adopt new technologies and operating models,” said Stonly Baptiste Blue, an investor in the transformation of urban environments through the fund, Urban.Us (which is not a backer of REEF). “Neighborhood kitchens will be a significant part of non-parking revenue,” said Ojalvo. The money will be used to scale from its roughly 4,800 locations to 10,000 new locations around the country and to transform the parking lots into “neighborhood hubs,” according to Ari Ojalvo, the company’s co-founder and chief executive. Meanwhile, REEF technology As Bloomberg reported on Monday, Oaktree is collaborating with Neighborhood Property Group, a $ 300 million real estate investment vehicle. REEF Technology, “the ecosystem that connects the world to your block,” announced a $700 million funding round led by Mubadala Investment Company’s financial investment arm, Mubadala Capital. As REEF acknowledges, cities are the future. Roughly two-thirds of the world’s population will live in cities by 2050, and the world’s largest cities are cracking under the pressures of economic, civil and environmental transformations that they have not been able to address effectively. Investors include SoftBank, Oaktree, UBSAsset Management, and Target Global.