Forbes has a long form read on how staff at real estate startup Alfred arrived at work last Monday and were surprised to discover that their largest investor, former WeWork CEO Adam Neumann, appeared to have started a rival company — and raised $350 million to compete against them.
Flow, Neumann’s splashy but mysterious new real estate venture, was aiming to build “the future of living,” influential venture capitalist Marc Andreessen wrote in a blog post announcing the investment. Alfred’s motto — “welcome to the future of living” — sounded uncomfortably similar. Neumann — who still owns about 10% of WeWork, the coworking company he cofounded in 2010 — helped New York-based Alfred with a $20 million capital injection at the start of the pandemic, and then invested again in 2022. Through his family office 166 2nd Financial Services, Neumann representatives held two board seats at Alfred from October 2020 until May 2022.