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WePaintings co-founder Adam Neumann, who left his place as CEO of the corporate in 2019 amid turmoil, has won an eye-popping quantity of investment for some other actual property startup, in line with a brand new record.
Marc Andreessen, co-founder of Silicon Valley undertaking capital titan Andreessen Horowitz (a16z), introduced that his company is now backing Neumann’s residential undertaking, Flow.
Adam Neumann speaks on the New York Times DealBook Online Summit on Nov. 9, 2021, in New York City. (Ryan Muir/Getty Images by way of New York Times / Getty Images)
“We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes,” Andreessen wrote in a weblog submit explaining the verdict.
Citing 3 folks acquainted, the New York Times reported Monday that Andreessen Horowitz is injecting more or less $350 million into the undertaking, which quantities to “the largest individual check Andreessen Horowitz has ever written in a round of funding to a company” and “values Flow at more than $1 billion before it even officially opens its doors.”
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Andreessen Horowitz didn’t instantly reply to FOX Business’ inquiry looking for main points of the deal.
Venture capitalist Marc Andreessen speaks on the TechCrunch Disrupt convention in San Francisco, California, on Tuesday, Sept. 13, 2016. (Paul Chinn/The San Francisco Chronicle by way of Getty Images / Getty Images)
In January, the Wall Street Journal reported that Neaumann-linked entities had already bought upwards of four,000 flats spanning a couple of states so as “to build a company that would shake up the rental-housing industry,” bringing up belongings data and folks acquainted.
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Flow’s web page states that it’ll release in 2023, and in line with the Times, Andreessen will sign up for its board. For now, the corporate’s trade style stays unclear, however Andreessen wrote in his submit that “giving renters a sense of security, community, and genuine ownership has transformative power for our society.”
At its top, Neumann constructed WePaintings right into a co-working large value more or less $47 billion. He left with a hefty golden parachute following a failed preliminary public providing and grievance over his control taste. WePaintings is now valued at more or less $4 billion.
Adam Neumann speaks onstage all the way through WePaintings Presents Second Annual Creator Global Finals at Microsoft Theater on January 9, 2019 in Los Angeles, California. (Michael Kovac/Getty Images for WePaintings / Getty Images)
But Andreessen perceived to cope with any skepticism over the verdict to agree with Neumann’s imaginative and prescient and management of Flow.
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“We understand how difficult it is to build something like this and we love seeing repeat-founders build on past successes by growing from lessons learned,” Andreessen wrote in his weblog submit. “For Adam, the successes and lessons are plenty and we are excited to go on this journey with him and his colleagues building the future of living.”
