Adam Neumann Invests Into Real Estate Startup

Former WeWork CEO has emerged from the shadows to invest in a new residential endeavor.

Adam Neumann, who was forced out of the coworking company last year, has invested $30 million in Alfred Club Inc.

The startup offers apartment buildings featuring concierge staffers and software services for rent payments and maintenance requests. This move reflects Neumann’s previous interest in the residential industry after he started a coliving branch of WeWork called WeLive.

The Neumanns’ family investment office is leading the $42 million round, with the financing including other inventors such as Spark Capital and New Enterprise Associates.

After the coworking firm’s turbulent failure to go public last year, Neumann has stayed relatively quiet. In the meantime, the company has gone on to accept a bailout package from SoftBank, laid off several employees and recently announced it would be changing its name from The We Company back to WeWork.

According to Marcela Sapone, CEO of Alfred, she and Neumann both share a vision of reinventing real estate and hope to build a community within its apartment buildings.