Adam Neumann, the co-founder of WeWork and previous CEO, has received $350 million from renowned investment firm Andreessen Horowitz (a16z) for his forthcoming company, Flow.
Adam Neumann, the co-founder and former CEO of flexible workspace provider WeWork, has acquired about $350 million in funding from prestigious investment firm Andreessen Horowitz (a16z) for his planned new rental real estate company, dubbed Flow. Flow is now valued at over $1 billion thanks to the investment, making it a unicorn firm.
"We are thrilled to collaborate on Flow with Adam Neumann and his team. Adam is a visionary leader who transformed the second-largest asset class in the global commercial real estate market by introducing community and brand to a sector where neither previously existed, according to a blog post by Marc Andreessen.
Adam is returning to the theme of connecting people by transforming their physical spaces and creating communities where people spend the most time: their homes, the author continued. "We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through their homes.
Flowcarbon, Neumann's Blockchain-based carbon credit network, received a $70 million investment from a16z in May. We recognise how challenging it is to create something of this magnitude, and we adore watching previous founders build on their achievements by learning from mistakes, according to Andreessen. It is still obvious how Flow intends to transform the residential housing sector. With the slogan "Live life in the flow" and the two lines "it will open in 2023," Flow currently has a basic website.
WeWork had a high valuation of $47 billion, but it had a catastrophic period before going public. With a termination package of hundreds of millions of dollars, Neumann was fired from his position as WeWork's chief executive.