Adam Neumann is back in business. The infamous WeWork Founder invested $30 million in Hello Alfred, a startup that provides apartment buildings with services such as concierge-like staff and software to manage maintenance requests and other paperwork, Bloomberg first reported. Previous investors Spark Capital, NEA, and Greystar participated in the round.
- Bad behavior goes unpunished: Adam Neumann reportedly cashed out more than $700 million from WeWork before his ouster as CEO. And now the man who distorted the fundraising process to get rich from SoftBank is using the same money from Masa Son to invest in new startups. What a world!
- Power of We –– kiss of death: Hello Alfred’s CEO Marcela Sapone, said that when she met Neumann this year, they shared a vision for reinventing real estate. She told Bloomberg they both hold “the perspective that real estate can do more for people, that we should demand more from our greatest expense… Alfred works to build community within its apartment buildings by hosting happy hours or educational events such as bread-making.”
- Alfred found kindred spirits in Neumann: The company boasts that it’s, “the operating system for what we think are next-generation buildings that are looking at themselves as a true home rather than a sterile apartment building.” [Bloomberg]