Adam Neumann’s Flow Lands $100M Investment

Funding keeps on flowing to Adam Neumann’s latest real estate venture.

Neumann’s company, Flow, raised $100 million from investors, which included prominent venture capital firm a16z, Bloomberg reported, citing anonymous sources. The new funding round values the real estate investment management and development firm at $2.5 billion.

A person with knowledge confirmed the transaction. Representatives for Flow declined to comment.

Neumann launched Flow in 2023, four years after his infamous ouster from WeWork, the coworking company he co-founded. Miami-based Flow owns at least two Florida apartment buildings, one in Fort Lauderdale and the other in Miami. A 466-unit condo development in Downtown Miami remains under construction after securing a $155 million financing package this month. 

This year, Flow has also gone on a shopping spree in Miami-Dade County. As a minority investor, it purchased an office complex in Aventura for $116 million, and a 16-acre developable site in Miami for $71 million. It’s also looking to expand in Saudi Arabia.

The latest funding round ups A16z’s stake in Flow from 20 percent to 25 percent, according to Bloomberg. In 2022, the venture capital firm invested $350 million, valuing the company at $1 billion before it had even launched. The transaction was also one of the largest investments for an early-stage startup.

The move raised some eyebrows, given Neumman’s track record. He had tried to take WeWork public at a $47 billion valuation, but the attempt failed over concerns about the company’s financial health and Mr. Neumann’s management style. WeWork later filed for Chapter 11 bankruptcy. 

Neumann is once again eyeing an IPO — this time for Flow. 

“I’m sure this is a company that we could take public one day,” Neumann told Bloomberg. But “we don’t need to rush.”

Julia Echikson can be reached at jechikson@commercialobserver.com.