Andreessen Horowitz backs Adam Neumann’s new venture
WeWork founder Adam Neumann is launching a new venture, which is being backed by venture capital firm Andreessen Horowitz with a $350 million investment at a $1 billion valuation.
The new venture, Flow, will operate in the rental real estate space and is expected to launch in 2023. The goal, according to reports, is to rethink the housing rental market by creating a branded product with consistent service and community features.
Neumann is planning to make a sizable personal investment in Flow in the form of cash and real estate assets – the founder purchased majority stakes in more than 4,000 apartment units in Miami, Fort Lauderdale, Atlanta, and Nashville.
“Adam is a visionary leader who revolutionized the second largest asset class in the world — commercial real estate — by bringing community and brand to an industry in which neither existed before. Adam, and the story of WeWork, have been exhaustively chronicled, analyzed, and fictionalized – sometimes accurately. For all the energy put into covering the story, it’s often under appreciated that only one person has fundamentally redesigned the office experience and led a paradigm-changing global company in the process: Adam Neumann. We understand how difficult it is to build something like this and we love seeing repeat-founders build on past successes by growing from lessons learned. For Adam, the successes and lessons are plenty and we are excited to go on this journey with him and his colleagues building the future of living. We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes. Residential real estate — the world’s largest asset class — is ready for exactly this change.” – Marc Andreessen.