Even before its launch, the WeWork co-founder’s startup is valued at $1 billion
- ByStartupStory | August 16, 2022
WeWork co-founder and former CEO Adam Neumann have raised around $350 million in funding from leading investment fund Andreessen Horowitz (a16z) for his newly announced rental real estate startup, Flow. The investment values Flow at more than $1 billion (unicorn status), though the firm has yet to debut.
“We are thrilled to be working on Flow alongside Adam Neumann and his colleagues. Adam is a visionary leader who has transformed the world’s second biggest asset class, commercial real estate, by introducing community and brand to an industry where neither previously existed “Marc Andreessen stated late Monday in a blog post.
“We believe it is inevitable that Adam returns to the idea of connecting people via altering their physical places and developing communities where people spend the majority of their time: their homes,” he continued. a16z invested $70 million in Neumann’s Blockchain-based carbon credit platform, Flowcarbon, in May.
“We realize how tough it is to establish something like this, and we appreciate seeing repeat founders improve on previous triumphs by learning from mistakes,” Andreessen added. It’s still unclear how Flow intends to transform the residential housing business. According to CNN, “Flow presently has a bare-bones portal, with the slogan ‘Live life in flow’ and two sentences announcing it will open in 2023.”
WeWork, which was once valued at $47 billion at its height, went through a catastrophic period before going public. Neumann was fired from his position as CEO of WeWork, with an exit payment of hundreds of millions of dollars.
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