WeWork founder Adam Neumann scores huge investment for real estate venture
The prominent venture capital firm backs the WeWork founder’s next move.
. Adam Neumann is back in the real estate game.
Whatever the actual idea is though, the start up, called “Flow,” has already proved enticing enough to attract one of Silicon Valley’s biggest investors.
Flow has yet to launch, and the associated web domain simply says “coming 2023,” with no further information about what the company plans to be or do.
Venture capital giant Andreessen Horowitz said Monday that it’s funding Neumann’s latest startup, a residential real estate firm called Flow that’s expected to launch next year.
Investing about $350 million in the company, giving it a valuation north of $1 billion even before it officially launches
Neumann has already bought up more than 4,000 apartments worth more than $1 billion in Miami.
In 2019, Neumann agreed to resign as CEO of WeWork and give up majority voting control of the company after SoftBank
Neumann co-founded office space company WeWork in 2010 and gained notoriety for reportedly fostering a raucous office culture powered by marijuana and tequila.
WeWork was valued at $47 billion in 2019, but went public in a blank-check deal in 2021 that valued the company at just $9 billion.