Venture capital firm Andressen Horowitz (A16Z) has invested $350 million in Flow, the real estate startup by controversial WeWork co-founder, Adam Neumann, numerous outlets have reported.
That $350 million represents the largest single investment made by the legendary VC firm, and places Flow’s value in excess of $1 billion. Yes folks, that means Flow has reached unicorn status before it even opens for business.
So what does Flow do, you ask? We know it focuses on the rental market.
According to TechCrunch, which was citing the New York Times, “The startup is set to operate over 3,000 apartment units Neumann has purchased in Miami, Fort Lauderdale, Atlanta and Nashville as part of its vision to bring community-oriented features to the rental market.”
The Verge says Flow “aims to provide a consistent housing experience across a chain of branded apartment complexes.”
CNBC, also citing the New York Times said that Flow is “effectively a service that landlords can team up with for their properties, somewhat similar to the way an owner of a hotel might contract with a branded hotel chain to operate the property.”
Still fuzzy? You’re not alone. Fast Company writes, “The magnetic (and controversial) cofounder of WeWork is back with a new project. We’re not entirely sure what it does.” It does add, however that, “Flow wants to be a housing utopia for remote workers,” and reminds that “Neumann tried residential real estate before and failed… WeLive, co-living spaces in New York and Virginia. The plans to expand to India and Israel quickly shuttered, and in 2019, WeLive became the subject of an investigation by New York City.”
Want more on Adam Neumann? You can watch WeWork: Or the Making and Breaking of a $47 Billion Unicorn, a Hulu-produced documentary.