Adam Neumann looks to invest more into the Peach Street startup

January 26, 2020
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The new company which has yet to officially launch looks to help mortgage holders make payments and gather information through a more secure digital platform.

WeWork Co-Founder Adam Neumann’s family office is in discussions to put additional capital in Peach Street, a startup focused on mortgage servicing.

Neumann’s 166 2nd LLC is among a group of investors in talks to take part in a $4 million convertible note, said Ilan Stern, the family office’s Chief Investment Officer. New York-based Peach Street is headed by Chief Executive Officer Andrew Wang.

“Andrew is a friend who worked for me for many years and is a world-class investor, operator and person,” said Stern, who previously worked for Soros Fund Management. “We are looking forward to supporting them as they grow.”

Jefferies Financial Group is also in talks to own part of the convertible note, said people with knowledge of the matter, who asked not to be identified because the discussions are private. Representatives for Peach Street and Jefferies declined to comment.

Three Friends

Peach Street was founded by three friends: Wang, Eric Chiang and Jon Hsu, and named after the street Chiang grew up on in Atlanta, according to its website. The company, which hasn’t yet launched, will enable mortgage holders to make payments and access information on a secure digital platform.

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