Adam Neumann, the embattled co-founder and former CEO of WeWork, is making his return to the real estate industry, leading a $42 million Series C funding round for Alfred, a residential management software startup.
The funding round was led by 166 2nd LLC, the family office of Neumann, according to a company release. Neumann’s investment totaled $30 million, according to a Bloomberg report.
“COVID-19 has catalyzed change in consumer habits and technology use at an unprecedented pace for all of us, compelling a reexamination of how we interact with one another and placing a renewed emphasis on the importance of the home,” Marcela Sapone, CEO & co-Founder of Alfred, said in a statement.
“These recent months have reinforced the values of connectivity and community investment that serve as a foundation for our company,” Sapone added. “This most recent raise provides us with the financing needed to grow in sync with the expanding in-home economy.”
The funding round also included participation from Spark Capital, New Enterprise Associates and Greystar. With the influx in new capital, the company plans to, “strategically grow its team and operations, and capture market share at a time when demand for its in-home and domestic services is at a record high,” according to the release.
Alfred bills itself as an end-to-end residential management platform that delivers in-home support and local services to residents.
For Neumann, the investment is a return to the residential real estate sector, where his company had just a small footprint. Outside of the office space giant WeWork, Neumann’s company also had WeLive, which boasted furnished rentals and was piloted in New York City and Washington D.C., but never expanded outside those two markets.
Neumann has been mostly quiet since he parted ways with the WeWork company co-founder in the wake of a failed initial public offering and takeover by investor SoftBank.
