Adam Neumann, the founder of WeWork, whose spectacular rise and fall has been chronicled in books, documentaries and a scripted television series, has a new venture — and a surprising backer.
Neumann’s new company Flow wants to transform the residential rental real estate market. Notably, it has the financial support of Andreessen Horowitz, the prominent Silicon Valley venture capital firm that was an early investor in everything from Facebook to Airbnb. The backing of Andreessen Horowitz, considered royalty among early-stage investors, is a powerful sign of support, and perhaps a rebuke to Neumann’s critics, who have described his leadership of WeWork as a cautionary tale of corporate hubris.
Andreessen Horowitz is investing about $350 million in Flow, according to three people briefed on the deal. The investment, the largest individual check Andreessen Horowitz has ever written in a round of funding to a company, values Flow at more than $1 billion before it even officially opens its doors.
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