research project

wework mafia

original research by slava solodkiy | first published 31 jan 2026
tracking startups and investments by former wework executives and employees
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01 // key findings

$5B+ total valuation
15+ startups founded
$600M+ funding raised
6 sectors
despite wework's spectacular bankruptcy in 2023, its alumni have created a resilient entrepreneurial ecosystem. the "wework mafia" demonstrates strong network effects with co-investments and collaborations, particularly concentrated in proptech, fintech, and cannabis tech sectors.

02 // founders

adam neumann
co-founder & former ceo | net worth: ~$2.2b
  • flow $2.5b valuation proptech
    residential real estate / community-driven living | $450M+ funding (a16z lead)
  • flowcarbon blockchain
    carbon credit tokenization platform
  • flow trip media
    lifestyle magazine, 13k paying subscribers, acquired whalebone magazine 2024
  • 166 2nd financial services family office
    $1b+ investments across real estate and startups
miguel mckelvey
co-founder & former chief culture officer | net worth: ~$900m
  • american giant controlling stake 2022 manufacturing
    apparel manufacturing, $10m investment
  • known holdings fintech
    financial platform for communities of color - advisor role
  • nayah studio investment
    community-focused companies - partner
artie minson
former president & coo, co-ceo (2019-2020)
  • 715 capital partners vc fund
    founder & managing partner (2020-present), early-stage focus
  • leaflink $5b+ orders/year cannabis tech
    wholesale platform, series d: $100m (2023), president & coo (2022-2023), then ceo
  • trullion ai / fintech
    ai accounting platform - current ceo

03 // startup ecosystem

kambio
founded by diego kuri (ex-wework)
proptech platform for prefabricated modular homes. tesla-style online configurator, manufactured in mexico.
$1.2m pre-seed (2022)
investors: first check ventures (lead), plug and play, wework alumni fund, miguel mckelvey (angel)
reinvent
founded by dominic penaloza (ex-wework china)
startup studio focused on proptech in asia. ventures include switch (flexible workspace booking) and sixsense (spatial analytics).
seed stage
healthcred
founded by arpit jangir, shrey jain
fintech platform for healthcare financing in india.
$1.2m seed (2024)
investors: antler india, trtl vc, devc

04 // investment vehicles

fund founder/leader focus portfolio
wework alumni fund wework alumni collective rolling fund, exclusively invests in alumni startups kambio, proptech, construction tech
715 capital partners artie minson (2020) early-stage vc, tech-enabled membership, real estate, financial software trullion, 1fort, leaflink
166 2nd financial services adam neumann family office, real estate & startups flow, intercure, equitybee, selina, goto global

05 // timeline

2010
wework founded by adam neumann & miguel mckelvey
2017
wework raises $760m series g at $20b valuation
2019
ipo attempt fails; adam neumann departs with $1.7b exit package
2020
wework financial restructuring; artie minson founds 715 capital partners
2022
adam neumann launches flow ($350m from a16z) and flowcarbon; miguel mckelvey acquires american giant
2023
wework files for bankruptcy; leaflink raises $100m series d
2024
healthcred raises $1.2m seed; flow trip acquires whalebone magazine
2025
flow reaches $2.5b valuation, projects cash flow positive

06 // sector analysis

sector startups characteristics
proptech / real estate flow ($2.5b), kambio, reinvent, switch, sixsense strongest sector concentration, vertically integrated models, focus on flexible/modular housing
fintech flowcarbon, known holdings, trullion, equitybee, healthcred specialized financing, carbon markets, ai accounting, healthcare financing
cannabis tech leaflink ($5b+ orders/year), intercure b2b wholesale platforms, regulated market expertise
manufacturing american giant revitalizing us manufacturing, direct-to-consumer apparel
media / lifestyle flow trip (13k subscribers) premium content, community-driven, acquisition strategy
mobility goto global, selina (hospitality) investment portfolio plays

07 // network effects

strong co-investment patterns:
  • miguel mckelvey angel invested in kambio (founded by diego kuri, ex-wework)
  • wework alumni fund exclusively invests in alumni startups
  • adam neumann attempted to acquire wework in 2024 with dan loeb and a16z support
  • cross-pollination: real estate expertise → cannabis → ai accounting
  • alumni founders cite wework's community emphasis and growth strategies in new ventures

08 // key investors

andreessen horowitz (a16z)
led flow's $150m series c. continued confidence in neumann despite wework failure.
softbank vision fund
major wework backer, continues to invest in alumni ventures.
first check ventures
led kambio's pre-seed, active in early-stage proptech.
antler india
invested in healthcred, supports emerging market alumni startups.

09 // lessons learned

wework era alumni ventures
hypergrowth without profitability flow projects cash flow positive 2025 - emphasis on unit economics
pure leasing model asset ownership - flow owns/develops properties
commercial office focus residential + commercial mix - diversified real estate portfolio
limited tech integration tech-first approach - ai, blockchain, management software central
governance issues experienced leadership - minson, gunningham bring "adult supervision"

10 // comparison: wework vs revolut mafia

metric wework mafia revolut mafia
origin company status bankrupt 2023 active unicorn
peak valuation $47b $45b+
top venture flow ($2.5b) multiple unicorns
dominant sectors proptech, fintech, cannabis fintech, banking, crypto
dedicated fund yes (wework alumni fund) limited data
geography usa, saudi arabia, israel, mexico uk, europe
network effect strong co-investments very strong
unique characteristics of wework mafia: resilience post-failure (neumann raised $450m+ despite wework bankruptcy), natural sector focus in proptech/real estate, structured dedicated alumni fund, rapid international expansion.

11 // notable alumni in executive roles

sebastian gunningham
former vice chairman & co-ceo
chairman @ santander consumer finance
vice chairman @ openbank
board director @ devo
previously: svp amazon marketplace, jeff bezos s-team member
john santora
current wework ceo
led $1.5b debt reduction and $1b in new funding commitments (2023). focused on restructuring and growth initiatives.
gianna dellicarpini
chief people officer
leads workforce planning and employee engagement, maintaining wework's talent pipeline and culture during restructuring.
aniket dey
head of wework labs india
investor and advisor to startup founders. contributed to broader alumni network's mentorship activities. investor in healthcred.

12 // research methodology

data sources:
  • linkedin alumni network analysis
  • crunchbase company and funding data
  • pitchbook investor databases
  • techcrunch, forbes, bloomberg coverage
  • official company websites and press releases
  • sec filings and public documents
limitations: some startups in stealth mode with limited public data. funding amounts may be estimates. network mapping continues to evolve as new ventures emerge.

13 // explore with ai

research and discover this topic with ai in multiple languages:
english
→ grok
→ mistral
→ perplexity
german
→ gemini
french
→ claude
portuguese
→ copilot
chinese
→ deepseek
japanese
→ qwen
korean
→ chatgpt
all materials
→ notebooklm

14 // my old/related publications

miguel mckelvey's second act in london
after the wework saga
→ read on medium
→ listen on spotify → in russian
the price of belonging
why spreadsheet necromancers keep mispricing wework & soho house
→ read on medium
→ listen on spotify