Adam Neumann, the co-founder and former CEO of the shared workplace startup WeWork, is engaged on a brand new rental actual property enterprise that has acquired funding from Andreessen Horowitz. In line with a report from The New York Occasions, the enterprise capital agency invested round $350 million in Neumann’s up-and-coming actual property enterprise, referred to as Move, which goals to offer a constant housing expertise throughout a sequence of branded condominium complexes.
If you happen to’re in any respect aware of the story of WeWork, you is perhaps having a little bit of déjà vu. The corporate, which supplies versatile workplace areas for staff, was as soon as valued at $50 billion. However after a failed IPO (preliminary public providing) and the layoffs of 1000’s of its staff, WeWork turned extra well-known for company drama fairly than its precise enterprise. When Neumann stepped down as CEO in 2019, he made out with a $1.7 billion exit bundle.
As famous by the Occasions, this funding marks the “largest particular person test Andreessen Horowitz has ever written in a spherical of funding to an organization.” It places Move’s valuation at over $1 billion — regardless of critics “who’ve described his management of WeWork as a cautionary story of company hubris” — and it hasn’t even launched but.
Neumann has already purchased 3,000 condominium models in Miami, Fort Lauderdale, Atlanta, and Nashville to construct out his Move-branded residences, which aren’t set to debut till 2023.
“We predict it’s pure that for his first enterprise since WeWork, Adam [Neumann] returns to the theme of connecting individuals by way of remodeling their bodily areas and constructing communities the place individuals spend probably the most time: their properties,” Andreessen Horowitz co-founder Marc Andreessen explains in a weblog publish. “Residential actual property — the world’s largest asset class — is prepared for precisely this modification.”
