US: WeWork co-founder Adam Neumann has secured around $350 million of investment from Silicon Valley venture capital firm Andreessen Horowitz (a16z) for his latest venture, Flow.
Described as a residential real estate project, little is known about Flow, but its ethos appears to be an attempt to create community interaction in rental developments, overcoming loneliness.
The investment will be the largest single round of backing in a16z’s history, according to the New York Times.
Writing in a blog post, a16z co-founder Marc Andreessen said: “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. We are thrilled by the scope and aspiration of this project. It is not lacking in vision or ambition, but only projects with such lofty goals have a chance at changing the world.”
Bloomberg reported in January that Neumann had bought more than 4,000 residential units in locations including in Atlanta, Fort Lauderdale, Miami and Nashville.
Neumann co-founded WeWork in 2010 and served as CEO until 2019 when he resigned amid growing investor concerns over its corporate governance, valuation, and outlook for the business.
Flow is not his first venture in to residential real estate. Under his leadership, the We brand launched WeLive coliving spaces in New York and Virginia. The venture was shelved in July last year.
