WeWork’s Adam Neumann secures millions in funding for his new company Flow
Adam Neumann is back.
The billionaire businessman who started workplace-sharing company WeWork Inc.
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is back with a further company named Movement, a household genuine estate firm making an attempt to deal with the “transforming dynamics” of the world’s housing difficulties.
Silicon Valley enterprise capital firm Andreessen Horowitz announced on Monday that it will be investing in Flow. The New York Periods
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documented that Andreessen Horowitz is investing $350 million to Flow at a valuation of $1 billion.
“We consider it is purely natural that for his very first venture considering that WeWork, Adam returns to the theme of connecting people today by means of transforming their actual physical spaces and building communities where men and women invest the most time: their residences,” Marc Andreessen, co-founder and general lover at Andresson Horowitz, said in a statement. “Residential authentic estate — the world’s largest asset class — is ready for exactly this adjust.”
According to courtroom documents compiled by The Wall Avenue Journal, Neumann has acquired vast majority stakes in around 4,000 flats in sites like Miami, Nashville, Tennessee and Fort Lauderdale in latest decades. These properties are valued at much more than $1 billion.
“This sort of mission is a heavy raise. Only as a result of a seismic change in the way industry associations are structured and the mechanisms by which value is sent can we hope to tackle the underlying difficulties of the current process and construct the resolution,” Andreessen’s statement ongoing.
Flow’s web site does give much other info about the firm, only that it is scheduled to debut in 2023. Move did not instantly answer to MarketWatch’s request for remark on this tale.
Neumann was ousted as CEO of WeWork in 2019 just after SoftBank Group Corp.
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and other enterprise shareholders soured on Neuman pursuing a significant minimize in the company’s valuation. When SoftBank took command of WeWork in Oct 2019, the business was value an believed $8 billion — a fraction of the $47 billion valuation SoftBank assigned the firm in its past spherical of financing before the exact same year.
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WeWork in the end went general public in 2021 via a Particular Purpose Acquisition Company (SPAC) and now has a full marketplace capitalization of $4.19 billion as of August 15.
Adam Neumann has a internet value of $1.4 billion, according to Forbes calculations, and nevertheless owns 10% of all shares of WeWork.
