One of Silicon Valley’s top venture capital funds has thrown its weight – and cash – behind Adam Neumann’s new property venture.
Andreessen Horowitz, which has previously backed Airbnb, Skype and Facebook, declared Neumann to be a “visionary leader” as it revealed its £350m investment. The deal values Neumann’s new business at more than £1bn, and is the single biggest cheque Andreessen Horowitz has handed over.
The WeWork founder has shifted his focus to residential real estate to set up Flow, a business which is set to launch next year.
The company’s website indicates it is preparing to launch in 2023. It emerged this year that Neumann had invested in several thousand apartment units across Miami, Atlanta, Nashville and Fort Lauderdale, but what it plans to do with them is unclear.
