Adam Neumann was once the face of WeWork, a co-working company co-founded in 2010. When WeWork tried to go public in 2019, its status as the most valuable startup in the US, with a 47 billion dollars rating in January 2019, came under scrutiny from investors who scrutinized the company's losses and lack of a plan for profitability.
WeWork's first attempt to go public failedand his rating dropped rapidly to 9 billion dollars in 2021; company filed for bankruptcy in the US and Canada in 2023 and came out of it in June.
Although Neumann retired from WeWork in September 2019, he's not done with real estate just yet. According to BloombergNeumann is launching a service that rivals WeWork: Workflow.
Related: WeWork co-founder Adam Neumann wants to be your owner again
Adam Neumann. Credit: Photo by Shahar Azran/Getty Images
Where WeWork promised co-working spaces with benefits like free beerWorkflow has a different, more sophisticated aesthetic.
“I'm the kind of person who learns more from their mistakes than their successes,” Neumann said in April. interview with CNBC. “I had time to reflect.”
Workflow falls under Neumann's broader real estate company, Flow, which focuses on luxury housing. Neumann founded the company in 2022; Workflow has received an investment of 350 million dollars BY Andreessen Horowitz in August 2022 pushing its valuation above $1 billion. On Thursday, Neumann DESIGNATED Flow House in Miami, a 466-unit, 40-story apartment complex coming next year, with base prices for a studio starting at $450,000.
Unlike WeWork, which suffered losses by pulling in short-term rental income while tied to long-term ones, Workflow relies on spaces within Flow's residential buildings. So Workflow can have less long-term rental expenses that cut into profits.
Neumann also stated in the CNBC interview that “when people like being in a building, they stay. When people stay, it increases occupancy and value.”
Andreessen Horowitz explained its investment in Flow by stating that it filled an urgent real estate need. The venture capital firm also threw its support behind Neumann.
“For Adam, the successes and lessons are many, and we are excited to embark on this journey with him and his colleagues building the future of living,” Andreessen Horowitz co-founder and general partner Marc Andreessen. has written on the firm's website.