Adam Neumann’s new venture is valued at around $1 billion.

Back in 2019, WeWork, a startup company dedicated to creating coworking spaces, attempt to launch its IPO. Due to a variety of factors, however, many of which attributed to its at-the-time CEO Adam Neumann, the IPO fell through, resulting in widespread layoffs and money hemorhaging. WeWork has since recovered, but not before Neumann left his CEO position and vanished for a time.

Recently, Neumann has reemerged, and he’s got another startup in the works, Flow. Flow is a residential real estate company that is planning to completely upheave the real estate industry, though in what way precisely hasn’t been divulged. Regardless, this new startup has already accumulated its fair share of hype, with a projected valuation of around $1 billion.

“Adam is a visionary leader who revolutionized the second largest asset class in the world — commercial real estate — by bringing community and brand to an industry in which neither existed before,” said Marc Andreessen, cofounder of venture capitalist firm Andreessen Horowitz and one of Neumann’s key investors. “Adam, and the story of WeWork, have been exhaustively chronicled, analyzed, and fictionalized — sometimes accurately. For all the energy put into covering the story, it’s often under appreciated that only one person has fundamentally redesigned the office experience and led a paradigm-changing global company in the process: Adam Neumann.”

Venture-capital firm Andreessen Horowitz is investing in Flow, a real-estate startup led by former WeWork executive Adam Neumann https://t.co/NIfr3DFMes

— The Wall Street Journal (@WSJ) August 16, 2022

“We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes,” Andreessen wrote. “Residential real estate — the world’s largest asset class — is ready for exactly this change.”

Flow is expected to launch sometime next year.