Former WeWork CEO Adam Neumann raised around $350 million from Andreessen Horowitz for his new venture Flow, a residential real estate company. An analysis of the investment shows that it will be the largest investment check ever written for a single round of support in the history of the fund.
Neumann intends to transform the residential rental property market through his new company Flow. It is noteworthy that the company is supported financially by Andreessen Horowitz, a prominent Silicon Valley venture capital firm that invested in the likes of Facebook and Airbnb in the early stages. Neumann’s critics, who have described his management of WeWork as a cautionary tale of corporate hubris, may view the backing of Andreessen Horowitz as a powerful sign of support.
The Flow Group has acquired more than 3,000 apartment units in Miami, Fort Lauderdale, Atlanta, and Nashville, among other locations.
Neumann wants to reinvent the housing rental market by creating a distinctive product with exceptional service. With Flow, Neumann will be able to manage the properties that they have purchased as well as offer its services to new developments and to other third parties.
Adam Neumann’s Flow
| Company | Flow |
| Year of foundation | The company is expected to launch in 2023, and Marc Andreessen will join its board, according to these sources. |
| Founder | Adam Neumann |
| Adam Neumann‘s Net Worth | $1.4B |
WeWork’s founder and CEO Adam Neumann resigned from the company in September 2019, shortly prior to the company’s planned IPO.
He owns a nearly 10% stake in the public company after selling his WeWork shares for nearly $1 billion while the company was private.
Highlights
- WeWork’s founder “Adam Neumann” has launched a new venture worth more than a billion dollars.
- On Monday, Andreessen Horowitz announced that it would make a substantial investment in Adam Neumann’s residential real estate company Flow.
- According to the newspaper, the investment will be one of the largest checks ever written for a single round of backing in the history of the fund.
- Following Neumann’s departure from WeWork, he has acquired majority stakes in apartment buildings with valuations exceeding $1 billion, before debt.
Brief summary
Former WeWork CEO Adam Neumann has raised about $350 Million for his new venture Flow from Andreessen Horowitz. His new venture, Flow, seeks to transform the rental market for residential housing. The launch of Flow is expected to take place in 2023.
Citation Information
References:
https://www.bloomberg.com/news/articles/2022-08-15/andreessen-horowitz-backs-wework-s-adam-neumann-new-startup-flow
Image Credits: Instagram
Author: Editorial Staff
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