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It was the fundraise heard round Twitter.
Adam Neumann, the notorious entrepreneur behind WeWork, raised a surprising $350 million from Andreessen Horowitz for a yet-to-launch actual property firm referred to as Circulation. The funding gave Neumann’s newest enterprise a greater than $1 billion valuation, as reported by The New York Occasions, and got here amid what is meant to be an investor pullback in a bear market.
It’s the largest particular person test a16z has ever written and the second time the agency backed a Neumann-founded firm this yr.
There is no such thing as a must rehash each single factor that Neumann did incorrect; AppleTV+ did that already within the miniseries “WeCrashed.” His calamitous tenure at WorkWork garnered him a repute for employee mismanagement and he led his firm to a disastrous IPO. He nonetheless walked away with a roughly $1 billion exit bundle. He failed up, and the announcement of his a16z spherical was a reminder that he’s nonetheless failing up.
“The information [of Neumann’s raise] was not surprising to me,” Nicole Tinson, the founding father of the inclusion platform HBCU 20×20, advised TechCrunch. “I truly anticipated this as a result of discrimination in funding isn’t any completely different than discrimination in any avenue.”
One can not out-educate, out-network and out-assimilate the systemic boundaries designed to discriminate in opposition to them.
The information put actuality in a harsh mild, a breaking level for a lot of. Ladies are bored with shattering glass ceilings; their arms are slashed from the dropping shards. Some founders are additionally exhausted from taking swings on the concrete ceiling, the place gender, racial and sometimes socioeconomic circumstances mix to create a discriminatory barrier so robust it can not shatter like glass; it’s sturdy like concrete and should arduously be drilled by way of.
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