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People familiar with the matter revealed that the investment firm’s co-founder Marc Andreessen will join Flow’s board when it opens its doors in 2023.
VC firm Andreessen Horowitz has announced plans to invest in Flow, the new residential real estate company by Adam Neumann. Newmann co-founded co-working space provider WeWork (NYSE: WE) and was the CEO until 2019. The Israeli businessman left WeWork amid issues about the company’s public debut in 2019. Eventually, the company went public through a Special Purpose Acquisition Company (SPAC) in 2021.
Andreessen Horowitz to Invest in Flow
Andreessen Horowitz revealed its plan to invest in Flow in a blog post, which started with discussing housing challenges in America. He said the country is building households faster than building houses. In his opinion, the structural shortages in homes for sale have influenced higher housing prices. Andreessen Horowitz expressed his excitement with its investment plan in Flow. He said that Flow is the answer to America’s housing problems.
Furthermore, the company commended Adam Newmann as a visionary leader. The VC further said Newmann’s effort in redesigning the office experience and leading a “paradigm-changing global company” is under-appreciated.
“We understand how difficult it is to build something like this and we love seeing repeat founders build on past successes by growing from lessons learned. For Adam, the successes and lessons are plenty and we are excited to go on this journey with him and his colleagues building the future of living.”
According to Andreessen Horowitz, Newmann’s Flow vision is natural and similar to WeWork as both connect people through work and environments. According to the Flow website, the new business will launch in 2023. The New York Times revealed that Andreessen Horowitz has already invested in Flow. The report stated that the financial support from the investment firm is powerful backing for the new company. Reportedly, Andreessen has invested $350 million in Flow. The financial commitment has pushed the residential real estate company’s valuation to over $1 billion even before its launch.
Marc Andreessen to Join Flow’s Board
People familiar with the matter revealed that the investment firm’s co-founder Marc Andreessen will join Flow’s board when it opens its doors in 2023. They also said that Newmann is considering a sizable personal in the new business in the form of real estate assets and cash. Already, the businessman has acquired over 3,000 apartment units in Miami, Nashville, Atlanta, and Fort Lauderdale. Flow will begin to manage the properties when it goes live next year.
Andreessen Horowitz concluded the blog spot on its commitment to Flow by saying that they “are thrilled by the scope and aspiration of this project. It is now lacking in vision or ambition, but only projects with such lofty goals have a chance at changing the world.”