Former WeWork CEO Adam Neumann has raised another $100 million and change for Flow, his real estate and technology startup.
The Series B round of $100 million-plus values Flow, already a unicorn, at about $2.5 billion, Bloomberg reported on Thursday. Existing investor Andreessen Horowitz participated in the financing, according to the report.
Bloomberg’s sources reported that Neumann’s family office and Flow’s employees own the majority of the real estate company, but 16z’s stake will jump from 20% to 25% in the latest funding round. Neumann also recently shed light on IPO plans.
“I’m sure this is a company that we could take public one day,” Neumann said in an interview for Bullish with Sonali Basak, an upcoming Bloomberg Originals series. On timing, he said, “we don’t need to rush.”
Flow, a South Florida-based residential real estate company focused on rentals and co-living, raised $350 million from a16z at a billion-dollar valuation in 2022, a few years after Neumann had been forced out of the company he co-founded as WeWork was imploding. WeWork, once valued at $47 billion, filed for bankruptcy protection in 2023; it was later acquired for $450 million by real estate company Yardi.
Flow aims to turn buildings or groups of building into tech-enabled living environments for living, working, community and well-being — “loneliness isn’t as fun,” the company’s website says. In South Florida (Fort Lauderdale and Miami) and Saudi Arabia, Flow has already deployed an offering called Flow House, a residential living concept that Neumann claims is “the fastest selling condo project in South Florida, if not the country,” CTech by Calcalist reported.
In a letter to employees obtained by Calcalist, Neumann wrote, “From day one, we embraced the challenge of rethinking residential real estate from the ground up. To achieve our mission of connecting people to their community, to the outside world, and to the best version of themselves, we needed to reinvent the entire experience.”
Flow currently operates in South Florida, New York, Riyadh and Palo Alto, and forecasts positive cash flow for 2025, CTech reported.
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