Last updated: Monday August 23, 2022
Controversial WeWork co-founder, Adam Neumann is back with his newest startup: Flow. At this point we know very little about the startup's business model, except that it is focused on transforming residential real estate, the worlds largest asset class, with a focus on multifamily housing (apartment buildings).
Flow is a residential real estate platform that is reportedly valued at $1 billion after receiving a $350 million investment from Andreessen Horowitz, commonly referred to as 'a16z', a leading Silicon Valley venture capital firm.
While details are limited, we understand that Adam Neumann spent the past few years acquiring multifamily real estate in major sunbelt markets including Atlanta and Nashville and now controls over 3,000 apartment units. It seems these units will be the foundation for an experience-based property management company.
In his blog post announcing his firm's investment in Flow, Marc Andreessen makes it clear this project is extremely ambitious. We'll be updating this post as more details are available. One reasonable idea is that it's like WeWork but for housing. On this track it could blend high end hotel accommodations, community, mobility (i.e. short term leases). Think Airbnb for when you're not on vacation, maybe? Recent developments have indicated -- based on the below report of Neumann's investment in Alfred and concerns over a conflict of interest -- that Flow will be an app-based property management system to provide concierge services to tenants.
It has been reported by Forbes -- WeWork Cofounder Adam Neumann’s New Real Estate Startup Sounds An Awful Lot Like One He Invested In Two Years Ago -- that Adam Neumann's investment firm actively invested in Alfred, a real estate concierge service that appears to be a direct or near-direct competitor to Flow. Neumann's firm reportedly invested more than $20 million across two funding rounds in 2020 and 2022 and vacated their board seats in May 2022.
It's unclear yet, but if you've seen Apple TV's WeCrashed, you probably wouldn't be surprised if she decides to join him as a co-founder.