Adam Neumann is back in the real estate game.
Less than three years after stepping down as CEO of WeWork, the scandal-scarred entrepreneur is using a fresh infusion of venture capital cash to build a new company that will “rethink” residential real estate.
Venture capital giant Andreessen Horowitz said Monday that it’s funding Neumann’s latest startup, a residential real estate firm called Flow that’s expected to launch next year.
Andreessen Horowitz is investing about $350 million in the company, giving it a valuation north of $1 billion even before it officially launches, according to the New York Times.
It reportedly marks the largest individual check the legendary venture capital firm has ever written a company — a major show of confidence in a hard-partying entrepreneur who was recently portrayed by Jared Leto in the Apple TV show “WeCrashed.”
Details of Flow’s business model are scarce, but Andreessen Horowitz co-founder Marc Andreessen wrote in a blog post that the company will involve “rethinking the entire value chain, from the way buildings are purchased and owned to the way residents interact with their buildings to the way value is distributed among stakeholders.”
That involves “creating a branded product with consistent service and community features,” according to the New York Times. The company will reportedly offer its services to landlords in addition to owning some apartments itself.
In a sign that Flow may also offer lease-to-own units, Andreessen wrote in Monday’s blog post that the current rental market means tenants “can pay rent for decades and still own zero equity — nothing.”
“In a world where limited access to home ownership continues to be a driving force behind inequality and anxiety, giving renters a sense of security, community and genuine ownership has transformative power for our society,” said Andreessen, a billionaire who sits on the board of Meta.
Neumann has already bought up more than 4,000 apartments worth more than $1 billion in Miami, Fort Lauderdale, Atlanta, Nashville and other US cities, the Wall Street Journal reported in January.
Neumann co-founded office space company WeWork in 2010 and gained notoriety for reportedly fostering a raucous office culture powered by marijuana and tequila.
He resigned amid shareholder pressure in 2019.
WeWork was valued at $47 billion in 2019, but went public in a blank-check deal in 2021 that valued the company at just $9 billion.
“I’m feeling amazing,” Neumann told The Post at a booze-soaked party he threw to celebrate the company’s stock market debut.
Shares of WeWork have fallen in the months since, giving the company a current market capitalization of less than $4 billion as of Monday.
Andreessen Horowitz did not immediately respond to a request for comment. Neumann could not directly be reached and an inquiry to another one of his companies, Flow Carbon, did not immediately receive a response.
Ex-Brit turned Manhattan resident since 2008.