Flow, a new residential real estate startup founded by Adam Neumann, will receive funding from venture capital firm Andreessen Horowitz, the company announced on Monday. WeWork’s founder and previous CEO, Neumann, stepped down from his position in 2019 after the company’s bungled IPO ambitions.
In its IPO filing, the business disclosed significant losses, a convoluted corporate structure, and oddities like paying Neumann almost $6 million to obtain the “We” trademark before changing its name. (Neumann eventually gave the cash back.) A culture of extravagance was detailed in media reports around the same time, and Neumann finally left the company while receiving a sizable severance.
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In a blog post, Andreessen Horowitz said that Neumann’s efforts to improve the WeWork workplace are “frequently under appreciated” and that the company enjoys “seeing repeat-founders build on earlier accomplishments by expanding from lessons learned. Although there are little company specifics on Flow’s website, it does state that a launch is anticipated for 2023. In essence, Flow is “a service that landlords can team up with for their properties, much similar to the way an owner of a hotel might enter into a management agreement with a branded hotel chain,” according to The New York Times.
According to the New York Times, Andreesen Horowitz contributed over $350 million to Flow. Although it’s not apparent if Flow will enable a new rent-to-own model, Andreesen Horowitz speculates that Flow may provide a new way for people to acquire their homes. Giving renters a sense of security, community, and true ownership has revolutionary power for our society in a world where limited access to house ownership continues to be a driving force behind inequality and anxiety.
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Marc Andreessen, general partner and co-founder of Andreessen Horowitz, stated in a blog post. We believe it is only logical that Adam would return to the idea of connecting people by modifying their physical spaces and creating communities in the place where people spend the majority of their time: their homes, for his first endeavour following WeWork. The project’s ambition and scale excite us, according to Andreessen. It doesn’t lack vision or ambition, but only endeavours with such high aspirations have a chance of altering the course of history.
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