WeWork Co-Founder Adam Neumann lands $350 million check for real estate company.
WeWork Co-Founder Adam Neumann is building a real estate company with the help from venture capital firm Andreessen Horowitz (a16z). According to the New York Times, a16z is investing $350 million in Flow, the largest check cut in the firm’s history. Flow is valued at $1 billion.
According to the Wall Street Journal, Neumann has a majority stake in more than 4,000 apartments in the Southeastern U.S.—Atlanta, Florida, Tennessee, among other locations, and he has “ambitions to build a company that would shake up the rental-housing industry,” states the WSJ. The simple website announces the company name and that it's coming in 2023.
In a lengthy announcement about a16z’s investment in Flow, Marc Andreessen called Flow “a direct strike on precisely this problem,” referring the nation’s housing crisis. Andreessen called Neumann a “visionary leader” who is returning “to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes.”