Adam Neumann's next act is coming a bit more into focus — or at least capital. Flow, the residential housing company he's been quietly working on after departing WeWork under a cloud of failed ambitions, just raised a reported $350 million (at a valuation over $1 billion) from Andreessen Horowitz, per the NY Times.

Why it matters: It's got all the intrigue: A controversial founder, big money, and a hot sector. Not to mention it's already a unicorn.

Details: Details remain scarce. Yet as previously reported, Neumann has been buying up apartments in Miami, Fort Lauderdale, Atlanta and Nashville. The company will own and operate these properties, and also offer its services to new developments and other third parties.

• Marc Andreessen, who is joining the company's board, wrote in a blog post that: "In a world where limited access to homeownership continues to be a driving force behind inequality and anxiety, giving renters a sense of security, community and genuine ownership has transformative power for our society."
• Neumann is planning to make a significant personal investment in Flow, in the form of cash and real estate assets, the NYT reports.
• Flow's website is a mostly blank page, but does note the company is "coming in 2023."

The intrigue: While Neumann is best known for starting an office company, this isn’t his first foray into housing.

• WeWork's WeLive unit, a communal living setup, attempted to sell its residents much of same things: "community," shared resources with other residents, and hip decor and vibes.
• Of course, WeLive also ran into some issues; last year, its parent company parted ways with the division.
• Another tantalizing element: Andreessen and his wife recently wrote to the city of Atherton, where they own a home, to oppose proposed multifamily housing (aka: apartments) zoning overlays, per The Atlantic.

The bottom line: We'll be watching very closely what Neumann does with Flow.

Editor's note: This story has been corrected to note that Flow's valuation is more than $1 billion, not $1 billion, and the company will own and operate these properties, not just operate them.

Unity's board of directors has officially come out against AppLovin's unsolicited bid to acquire the gaming engine company for $17.54 billion, instead pushing for it to complete its previously announced acquisition of ironSource at $4.4 billion.

Why it's the BFD: The gaming industry is in the midst of a big consolidation wave.

The bottom line: Everyone seems to agree to combining Unity's tech with mobile advertising tech is the best way forward, whether it's with AppLovin or rival ironSource.

• Wire, a German maker of enterprise messaging tools, raised €24m in Series C round of funding led by Cipio Partners and Iconical, with UVC Partners and others also participating. https://axios.link/3djX80b

• .bit, a blockchain identity management startup, raised $13m in Series A funding led by CMB International, with HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ. https://axios.link/3QHXvA1

• Penfold, a U.K.-based digital pension startup, raised £7m ($8.49m) in Series A funding led by Bridford Group, with Jeremy Coller and customers also participating. https://axios.link/3QIxO2n

• Positive Food, a Los Angeles-based prepared meals startup, raised $7m in funding from BlueYard Capital, Western Tech, Y Combinator, Gaingels, and others also participating. https://axios.link/3C73p9O

• Pastel, a Nigerian SMB bookkeeping startup, raised $5.5m in seed funding led by TLcom Capital, with Global Founders Capital, Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play, and Soma Cap also participating. https://axios.link/3Am355L

• Take App, a Singapore-based app for WhatsApp e-commerce, raised an undisclosed amount of funding from Meta. https://axios.link/3SO7Nkb

• Percheron Capital agreed to acquire a majority stake in McWilliams & Son, a Lufkin, Texas-based residential HVAC and plumbing services company. www.mcwilliamsandson.com

• Altima Dental merged with 123Dentist, a Canadian dental support organization backed by Peloton Capital Management, KKR, and Heartland Dental. Sentinel Capital will retain a minority equity stake in the combined company. www.altimadentalpartners.com

• Group One Holdings is considering a U.S. IPO after previously exploring a listing via a SPAC, per Bloomberg. https://axios.link/3QIEfCv

• Innovative Eyewear, a Miami-based Bluetooth connected eyewear company, raised $7m by offering 1m units at $7.50, the low end of the range of $7.50 to $9.50. It plans to list on the Nasdaq under the symbol LUCY. Maxim Group acted as sole bookrunner on the deal. https://axios.link/3Qsqet9

• Wuxin Technology Holdings, a Chinese maker of IoT connectivity components in China, plans to raise $33m by offering 6m shares at a price between $4.50 and $6.50, giving it a market value of $187m at the midpoint price. It plans to list on the Nasdaq under the symbol WXT. Prime Number Capital is the sole bookrunner on the deal. https://axios.link/3c1JrTj

• Galaxy Digital will no longer acquire BitGo, a Palo Alto, Calif.-based digital institutional digital assets company it planned to buy for $1.2b. https://axios.link/3dlkcf2

• Butterfly, a Los Angeles-based private equity firm focused on the food sector, raised $1b for its second fund. www.bfly.com

• Arsenal Capital Partners, a New York-based private equity firm focused on the industrial and health care sectors, raised $4.3b for its sixth flagship fund and $1.1b for a growth fund. www.arsenalcapital.com

• Vestar Capital Partners promoted Neil Merchant, Mark Dirzulaitis, and Angela Yun to principal, and Alex Veronneau to vice president. www.vestarcapital.com

• PSG hired Bogdan "Bo" Cenanovic as a managing director. www.psgequity.com

Despite all the uncertainty, Bain still forecasts that globally, 2022 will be the second largest year for M&A on record, per Axios' Kate Marino.