San Francisco, Aug 16 : Flexible office space provider WeWork co-founded by the company’s former CEO Adam Neumann has received around $350 million in funding from the leading investment fund Andreessen Horowitz (a16z) for his new rental real estate venture known as Flow. The investment places Flow’s value at more than one billion dollars (a unicorn status) and the company is yet to launch.
“We are thrilled to work with Adam Neumann and his colleagues on Flow.Adam is a pioneering leader who has revolutionized the second-largest asset class in the world commercial real estate by bringing brand and community to an industry in which neither existed prior to,” Marc Andreessen said in a blog post late on Monday.
“We believe it is only normal that Adam’s first venture after WeWork, Adam returns to the idea of connecting people by transforming their physical spaces, and creating communities in the places where individuals spend their most time: in their houses,” he added.
In May, A16z put 70 million dollars into Neumann’s Carbon credit platform based on blockchain known as Flowcarbon.
“We know the difficulties involved in trying to create something like this, and we are thrilled to see repeat founders build on their past successes, while learning from learnings from the past,” Andreessen said.
It’s still unclear the way Flow is aiming to revolutionize the industry of residential housing.
“Flow currently operates a basic website with the tagline ‘Live your life in flow and two words that say it will go live in 2023.” according to CNN.
The company was estimated at $47 billion at the height of its value, WeWork went through a terrible phase before going public.
Neumann was fired from his position as chief executive in WeWork, with an exit package that could cost hundreds of millions of dollars.
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