Silicon Valley giant Andreessen Horowitz backs Adam Neumann’s real estate firm Flow

Enterprise capital large Andreessen Horowitz stated on Monday it might be investing in Adam Neumann‘s residential real estate company Flow, backing the WeWork Inc co-founder who has typically drawn criticism for his allegedly erratic administration type.

The funding was introduced in a
blog post by Marc Andreessen, co-founder and basic accomplice on the enterprise capital agency. The weblog didn’t disclose the monetary particulars of the funding.

“Adam is a visionary chief who revolutionized the second largest asset class on the earth – business actual property,” Andreessen wrote.

In 2019, Neumann agreed to resign as chief government officer of WeWork and quit majority voting management of the corporate after Japanese conglomerate SoftBank Group Corp and different shareholders turned on him over a plunge within the firm’s estimated valuation forward of a deliberate preliminary public providing.

WeWork finally went public final 12 months by way of a merger with a particular function acquisition firm in a deal that valued the office-sharing startup at $9 billion, a steep drop from the $47 billion it was value in 2019.

Andreessen Horowitz and Move didn’t instantly reply to Reuters’ requests searching for extra remark.

Move’s web site doesn’t provide a lot particulars about its enterprise, besides that it’s scheduled to launch in 2023.

In response to a Wall Avenue Journal report in January, Neumann had acquired majority stakes in over 4,000 flats, valued at $1 billion altogether.

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