WeWork Co-Founder’s New Actual Property Startup Will get $350M Funding

It seems like a brand new residential actual property startup from debatable WeWork co-founder Adam Neumann is off to a promising get started.

In a weblog put up previous this week, project capital company Andreessen Horowitz introduced plans to put money into Neumann’s new residential actual property corporate, Drift.

The bigger-than-life Neumann infamously made headlines in 2019 when he left the shared co-working powerhouse WeWork amid a failed try to pass public, primary monetary losses, and each erratic behaviour and questionable dealings on his phase. The entire dramatic tale used to be even the topic of an Apple TV miniseries starring Jared Leto and Anne Hathaway.

The embattled WeWork in the end went public via an SPAC in 2021 and continues to function its far off offices — together with many throughout Canada.

Spotting that now not the entirety has precisely been a stroll within the park for Neumann in relation to his industry observe report, Andreessen Horowitz said within the weblog put up that Neumann and the tale of WeWork were “exhaustively chronicled, analyzed, and fictionalized — occasionally appropriately.” Alternatively, the company is unfazed. 

“For all of the power put into protecting the tale, it’s continuously underappreciated that just one individual has basically redesigned the workplace revel in and led a paradigm-changing international corporate within the procedure: Adam Neumann,” reads the put up. “We know how tricky it’s to construct one thing like this and we adore seeing repeat-founders construct on previous successes through rising from classes realized. For Adam, the successes and classes are masses and we’re excited to move in this adventure with him and his colleagues construction the way forward for residing.”

Drift is predicted to release in 2023. Whilst the main points publicly to be had about Drift are scarce, a New York Occasions unique article stated that Andreessen Horowitz invested about $350M into Drift. It additionally described Drift as “successfully a provider that landlords can workforce up with for his or her homes, quite very similar to the best way an proprietor of a resort would possibly contract with a branded resort chain to function the valuables.”

The Andreessen Horowitz weblog put up highlights intimately the relentless housing disaster in the USA (one thing that also is obviously taking part in out in Canada as smartly), bringing up Drift as a part of the answer. 

“We expect it’s herbal that for his first project since WeWork, Adam returns to the theme of connecting other folks via reworking their bodily areas and construction communities the place other folks spend probably the most time: their properties,” reads the put up. “Residential actual property — the arena’s greatest asset elegance — is in a position for precisely this variation.”

Whether or not or now not Drift can meaningfully affect the housing disaster south of the border in the best way WeWork revolutionized workplace tradition will stay to be noticed. However right here’s to hoping classes had been certainly realized.