Adam Neumann is again in the actual property sport.
Less than 3 years after stepping down as CEO of WeWork, the scandal-scarred entrepreneur is the use of a contemporary infusion a chance capital money to construct a brand new corporate that may “reconsider” residential actual property.
Venture capital large Andreessen Horowitz stated Monday that it’s investment Neumann’s newest startup, a residential actual property company known as Flow that’s anticipated to release subsequent yr.
Andreessen Horowitz is making an investment about $350 million within the corporate, giving it a valuation north of $1 billion even prior to it formally launches,
It reportedly marks the most important particular person test the mythical undertaking capital company has ever written an organization — a big display of self assurance in a hard-partying entrepreneur who was once lately portrayed by means of Jared Leto within the Apple TV display “WeCrashed.”
Details of Flow’s trade type are scarce, however Andreessen Horowitz co-founder Marc Andreessen wrote in a
That comes to “making a branded product with constant provider and neighborhood options,” consistent with the New York Times. The corporate will reportedly be offering its products and services to landlords along with proudly owning some flats itself.
In an indication that Flow may additionally be offering lease-to-own devices, Andreessen wrote in Monday’s weblog publish that the present condominium marketplace manner tenants “will pay hire for many years and nonetheless personal 0 fairness — not anything.”
“In an international the place restricted get admission to to house possession remains to be a motive force in the back of inequality and anxiousness, giving renters a way of safety, neighborhood and authentic possession has transformative energy for our society,” stated Andreessen, a billionaire who sits at the board of Meta.
Neumann has already purchased up greater than 4,000 flats value greater than $1 billion in Miami, Fort Lauderdale, Atlanta, Nashville and different US towns,
Neumann co-founded place of job house corporate WeWork in 2010 and received notoriety for reportedly
He resigned amid shareholder force in 2019.
WeWork was once valued at $47 billion in 2019, however went public in a blank-check deal in 2021 that valued the corporate at simply $9 billion.
“I’m feeling wonderful,” Neumann
Shares of WeWork have fallen within the months since, giving the corporate a present marketplace capitalization of lower than $4 billion as of Monday.
Andreessen Horowitz didn’t right away reply to a request for remark. Neumann may indirectly be reached and an inquiry to some other one in all his corporations, Flow Carbon, didn’t right away obtain a reaction.
Source Link: https://nypost.com/2022/08/15/wework-founder-adam-neumann-scores-huge-investment-for-new-venture/