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WTH is Adam Neumann’s startup anyhow?

Adam Neumann’s back with a real estate startup already valued at $1B. But… what is it?

Photo by Jackal Pan/Visual China Group via Getty Images

Marc Andreessen gave $350m — a16z’s biggest check ever — to Adam Neumann, the ex-WeWork CEO who spectacularly bungled his last $47B startup.

VCs are bewildered, while founders are enraged that Neumann’s getting a second chance even as women and founders of color remain vastly underfunded.

But what is it?

The website doesn’t tell us jackshit, but Andreessen touts Flow as an alternative to “soulless” apartment living where you gain neither friends nor equity amid an affordable housing shortage.

Neumann — who left WeWork with $1.7B — has since acquired 3k+ apartments, and Flow sounds like a previous venture, WeLive.

  • In 2018, writer Benjy Hansen-Bundy tried WeLive, describing a small but nice unit in a community-focused complex. Amenities included a bar, arcade, and app.

What about that equity?

Unclear. Maybe you earn as you rent? A spokesperson told Forbes that Flow plans to launch a digital wallet and a tokenized rewards program.

One pessimistic analyst told Business Insider it could be a “microscopic share… that never amounts to anything,” comparing it to a company store.

What about that housing crisis?

There are certainly lonely people in isolating apartments who’d love neighbors as friends. Flow could be their dream apartment, if they can afford it.

  • A WeLive studio on Wall Street cost ~$3.5k/mo. in 2018 —  higher than the median. Flow’s prices are yet unknown.

Meanwhile, experts agree that the solution revolves around more housing. Andreessen has also championed building, but recently opposed the addition of ~130 multifamily units in his own neighborhood.

Perhaps if only they’d come with kombucha on tap and a saltwater pool.

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