Adam Neumann has attracted his biggest external investment since January 2019, when Masayoshi Son’s SoftBank put a $47bn valuation on WeWork, the office space company he co-founded that is now valued at $4bn.

Andreessen Horowitz, the Silicon Valley venture capital firm, said on Monday that it had backed Flow, the residential real estate company Neumann has been building since a failed attempt to take WeWork public prompted him to resign as chief executive.

One person familiar with the matter said that Andreessen Horowitz had invested $350mn at a roughly $1bn valuation. In May, it had invested an undisclosed sum in Flowcarbon, another Neumann-backed company that is trying to make carbon credit markets more transparent using blockchain technology.