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Adam Neumann, co-founder of the company Wework, is behind a new crypto project called Flowcarbon, and on Tuesday, the blockchain project has raised a small raised $70 million from investors and was led by Andreessen Horowitz (A16z); Flowcarbon CEO Dana Gibber said the project’s efforts are “a great financial mechanism that creates offsetting incentives for reforestation, revitalization, and conservation of nature. . a great financial mechanism that creates incentives.”
Adam Neumann-backed encryption project Flowcarbon raises $70 million
A project backed by co-founder and former Wework executive Adam Neumann has raised $70 million from strategic investors, according to an announcement released Tuesday.Neumann is the controversial figure whose company was found to be unprofitable in 2019 In September 2019, Wework filed an S-1 application for an initial public offering (IPO) stock launch, and Neumann resigned his position as CEO. Flowcarbonis a project that Neumann co-founded with his spouse Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.
Flowcarbon is committed to solving the global climate crisis and calls itself a “pioneering climate technology company working to build the market infrastructure for the Voluntary Carbon Market (VCM). It aims to tokenize the carbon credit industry, and the company has raised $70 millionfrom a private sale of its carbon-backed tokens withventure capital. According to the company’s announcement, Flowcarbon’s funding was led by Andreessen Horowitz’s subsidiary A16z crypto unit.
Invesco Private Capital, General Catalyst, Samsung Next, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs also participated in this funding round. The token sale was conducted by Box Group. The token sale received investment from Box Group, Celo Foundation, and Fifth Wall. The company is implementing carbon credits into the Celo blockchain and converting them into tokens called goddess nature tokens (GNT). The goal is not only to make carbon credits voluntary, but also to “make them more transparent, liquid, and accessible,” according to a website overview.
On Tuesday, Flowcarbon’s announcement stated.
Flowcarbon’s mission is to create the first open protocol to tokenize certified living carbon credits from projects around the world, directly funding billions of dollars in projects that reduce or eliminate carbon in the atmosphere.
A16z General Partner Says Flowcarbon ‘Is a New Economic Flywheel for Sustainability’
Flowcarbon CEO Dana Gibber, who is the CEO of Flowcarbon, explained that there are “powerful economic incentives to destroy and degrade important natural landscapes around the world.” VCMs like Flowcarbon, however, can counteract such incentives, Gibber said. In addition to Flowcarbon’s financing announcement, Arianna Simpson of Andreesen Horowitz (A16z) published ablog postabout A16z’s investment in Flowcarbon. Simpson said the Flowcarbon project will unlock “a new economic flywheel for sustainability.” Andreessen Horowitz, general partner at Andreessen Horowitz, which invests in crypto, further stated.
Buyers can purchase ERC20 tokens backed by a bundle of certified carbon credits issued over the past five years from projects that protect and restore nature.
Flowcarbon’s funding round, led by A16z and a handful of other investors, racked up a total of $32 million, with the remainder of the $70 million raised coming from the sale of Goddess of Nature Tokens (GNTs). flowcarbon’s website states that GNTs are backed on a one-to-one ratio, as “each GNT token is backed by one carbon credit from a carbon removal or reduction project.” All carbon credits hold “real-world value,” the company claims, and are “certified by major carbon credit issuers.”
Image credits: Shutterstock, Pixabay, Wiki Commons
