Adam Neumann has secured backing for his new real estate venture.
The founder and former CEO of coworking operator WeWork has received financial backing from venture capital firm Andreessen Horowitz for his new company Flow.
Despite Neumann’s extremely public fall from grace following his leadership at WeWork, Andreessen Horowitz will invest $350 million into Flow, which would value the company at over $1 billion — before its official launch slated for 2023.
As a result of the investment, Marc Andreessen will join Flow’s board.
Over the last several months, Neumann has purchased thousands of apartment units in the south, including in Atlanta, Miami and Nashville. While the exact business model for the company is not clear, it appears that Flow will offer managed living facilities that incorporate community-focused amenities and other third-party services.
It could be said that Flow seems to mimic some of WeWork’s former hopes and dreams of creating a one-of-a-kind, all-inclusive community, but until the company actually launches, Neumann’s new real estate endeavors will likely remain a mystery.
Andreessen added that due to the shift to working from home, creating community for remote workers has become increasingly important.
“It’s often underappreciated that only one person has fundamentally redesigned the office experience and led a paradigm-changing global company in the process: Adam,” Andreessen wrote on the company’s blog.