Adam Neumann’s next bet? Mortgage servicing
The WeWork co-founder’s family office is considering an investment in startup Peach Street Inc.
Months after being forced out of WeWork, co-founder Adam Neumann is continuing an investment spree.
Through his family office, 166 2nd LLC, the 40-year-old is in talks to take part in a $4 million convertible note in Peach Street Inc., a startup that is focused on mortgage servicing, according to Bloomberg.
As part of his departure from WeWork, Neumann was given a $185 million consulting fee from the firm’s largest investor, SoftBank.
He has invested in other startups, including Selina, a co-working provider; Hometalk, which offers an online do-it-yourself home improvement service; and EquityBee, a network of employees in early-stage companies and investors.
Peach Street, a firm led by CEO Andrew Wang, is yet to launch. Once it gets off the ground, it will provide a portal that allows mortgage holders to make payments and access information.
“Andrew is a friend who worked for me for many years and is a world-class investor, operator and person,” Ilan Stern, the CFO of Neumann’s family office, told Bloomberg.
Neumann also reportedly invested in Peach Street’s $3.2 million seed round last July, alongside investors Jefferies, Kairos, Zigg Capital, Soros Fund Management and AlleyCorp. Jefferies is also reportedly discussing an investment in the latest round. [Bloomberg] — David Jeans