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Versatile workplace house supplier WeWork co-founder and former CEO Adam Neumann has acquired round $350 million funding from high funding fund Andreessen Horowitz (a16z) for his upcoming new rental actual property enterprise, known as Movement.
The funding places Movement’s valuation at over $1 billion (a unicorn standing) and the startup is but to be launched.
“We’re excited to associate with Adam Neumann and his colleagues on Movement. Adam is a visionary chief who revolutionised the second largest asset class on the earth — business actual property — by bringing neighborhood and model to an trade through which neither existed earlier than,” Marc Andreessen stated in a blogpost late on Monday.
“We predict it’s pure that for his first enterprise since WeWork, Adam returns to the theme of connecting individuals by way of reworking their bodily areas and constructing
communities the place individuals spend essentially the most time: their houses,” he added.
In Could, a16z invested $70 million into Neumann’s Blockchain-based carbon credit score platform known as Flowcarbon.
“We perceive how troublesome it’s to construct one thing like this and we love seeing repeat-founders construct on previous successes by rising from classes discovered,”
Andreessen stated.
It is nonetheless now clear how Movement seeks to revolutionise the residential housing trade.
“Movement presently has a naked bones web site, with the slogan ‘Stay life in movement’ and two phrases stating it is going to launch in 2023,” reviews CNN.
As soon as valued at $47 billion at its peak, WeWork went by way of a disastrous part to go public.
Neumann was ousted from his chief government position at WeWork, with an exit bundle working into a whole lot of hundreds of thousands of {dollars}.
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