NEW YORK–The controversial founder of WeWork has obtained more than $350 million in investments for a start-up seeking to disrupt a market affecting many members’ finances—apartment rentals—and hinting at plans to allow renters to build “equity.”
Adam Neumann, who oversaw the stratospheric rise of WeWork and then its crash in the office work space market, has received $350 million from Andreessen Horowitz for his company, Flow.
But as several news reports noted, it is unclear from Flow’s website what the company intends to do, as the site has only a single landing page with the words “Live Life in Flow” and “coming 2023.”
But the company and Neumann have offered some broad hints.
‘Ripe for Disruption’
Andreesen said in the blog the company is interested in Flow because the rental real estate market is ripe for disruption, as more people are working from home and “will experience much less, if any, of the in-office social bonding and friendships that local workers enjoy.”
The company might try to address one of the biggest challenges renters face: “You can pay rent for decades and still own zero equity — nothing,” the company stated. “In a world where limited access to homeownership continues to be a driving force behind inequality and anxiety, giving renters a sense of security, community and genuine ownership has transformative power for our society.”
Neumann has said his vision is to create “dorms for adults” and that as result of the pandemic “many people will live in places far away from where they work and many more will shift to a hybrid environment.”
Thousands of Apartments Purchased
Neumann, who made more than $1 billion from WeWork despite its failure, has purchased more than 3,000 apartment units in Atlanta, Fort Lauderdale, Miami, and Nashville, where it plans to offer its “branded rental-housing experience and services to outside developers.”
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