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WeWork’s Neumann Returns to Real Estate With Startup Investment

Oct. 14, 2020, 4:17 PM

Adam Neumann is back to exploring one of his WeWork-related passions: the future of residential living.

Neumann, WeWork’s co-founder who left last year during a floundering attempt to go public, invested $30 million in Alfred Club Inc., a startup that provides apartment buildings with services such as concierge-like staff and software to manage maintenance requests and other paperwork.

The Neumanns’ family investment office, 166 2nd LLC, is leading the $42 million round, according to Alfred and a spokesman for Neumann. The financing includes previous investors such as Spark Capital and New Enterprise Associates, as well as Greystar Real Estate Partners LLC, a major apartment developer.

Adam Neumann
Photographer: Michael Nagle/Bloomberg