Nearly three years after Adam Neumann stepped down as CEO of WeWork following a failed attempt to take the company public, he is said to once again be in charge of a billion-dollar real estate startup.

Andreessen Horowitz, the prominent venture capital firm known for its early investments in Twitter and Airbnb, has pumped about $350 million into Neumann's newest venture, called Flow, according to The New York Times, citing unnamed sources briefed on the deal. The investment valued the startup at more than $1 billion, according to the report.

Representatives for Flow and Andreessen Horowitz did not immediately respond to requests for comment.

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In a blog post Monday, Marc Andreessen, cofounder and general partner at the VC firm, announced the investment, without disclosing financial details. He also explained his thinking for backing Flow, a residential real estate company, and Neumann despite the founder's high-profile fall from grace at WeWork.

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"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," Andreessen wrote in his post Monday. "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."

Nearly three years after Adam Neumann stepped down as CEO of WeWork following a failed attempt to take the company public, he is said to once again be in charge of a billion-dollar real estate startup.

Andreessen Horowitz, the prominent venture capital firm known for its early investments in Twitter and Airbnb, has pumped about $350 million into Neumann's newest venture, called Flow, according to The New York Times, citing unnamed sources briefed on the deal. The investment valued the startup at more than $1 billion, according to the report.

Representatives for Flow and Andreessen Horowitz did not immediately respond to requests for comment.

*

In a blog post Monday, Marc Andreessen, cofounder and general partner at the VC firm, announced the investment, without disclosing financial details. He also explained his thinking for backing Flow, a residential real estate company, and Neumann despite the founder's high-profile fall from grace at WeWork.

*

"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," Andreessen wrote in his post Monday. "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."