Wework Co-Founder Adam Neumann’s Crypto Project Secures $70M, Funding Round Led by A16z

Wework Co-Founder Adam Neumann's Crypto Project Secures $70M, Funding Round Led by A16z

The co-founder of the corporate Wework, Adam Neumann, is behind a brand new crypto undertaking referred to as Flowcarbon and on Tuesday, the blockchain undertaking revealed it raised $70 million from a handful of traders and was led by Andreessen Horowitz (A16z). Flowcarbon’s chief govt Dana Gibber says the undertaking’s efforts present a “sensible monetary mechanism that creates a counterbalancing incentive to reforest, revitalize and defend nature.”

Adam Neumann Backed Crypto Project Flowcarbon Raises $70 Million

A undertaking backed by Adam Neumann, the co-founder and former Wework govt raised $70 million from strategic traders, in accordance with an announcement revealed on Tuesday. Neumann is a controversial character for his function within the firm in 2019 when it was found the agency couldn’t flip a revenue. In September 2019, Wework filed an S-1 submitting for an preliminary public providing (IPO) inventory launch and Neumann resigned from his CEO place. Flowcarbon is a undertaking Neumann co-founded along with his partner Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.

Flowcarbon is all about fixing the worldwide local weather disaster and calls itself a “pioneering local weather know-how firm working to construct market infrastructure within the voluntary carbon market (VCM).” It goals to tokenize the carbon credit score trade and the corporate raised $70 million in enterprise capital and from the non-public sale of its carbon-backed token. The firm announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.

The funding spherical additionally noticed participation from Invesco Private Capital, General Catalyst, Samsung Next, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs. The token sale noticed investments from Box Group, Celo Foundation, and Fifth Wall. The firm implements carbon credit into the Celo blockchain and converts them to tokens referred to as goddess nature token (GNT). The aim is to make the carbon credit score voluntary but additionally “extra clear, liquid and accessible,” in accordance with the web site’s abstract.

On Tuesday, Flowcarbon’s announcement notes:

Flowcarbon’s mission is to drive billions of {dollars} on to initiatives that scale back or take away carbon from the ambiance by creating the primary open protocol for tokenizing reside, licensed carbon credit from initiatives across the globe.

A16z General Partner Says Flowcarbon ‘Is a New Economic Flywheel for Sustainability’

The CEO of Flowcarbon, Dana Gibber, defined there are “highly effective financial incentives to destroy and degrade crucial pure landscapes all over the world.” However, a VCM like Flowcarbon’s may counterbalance these incentives, in accordance with Gibber. In addition to Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson revealed a blog post about A16z investing in Flowcarbon. Simpson stated that the Flowcarbon undertaking unlocks “a brand new financial flywheel for sustainability.” The basic companion at Andreessen Horowitz who invests in crypto additional remarked:

Buyers can buy ERC20 tokens backed by a bundle of licensed carbon credit issued within the final 5 years from initiatives that defend and restore nature.

Flowcarbon’s funding spherical, led by A16z and the handful of different traders, racked up a complete of $32 million. The the rest of the $70 million raised stemmed from the goddess nature token (GNT) sale. Flowcarbon’s web site says GNT is 1:1 backed as “every GNT token is backed by 1 carbon credit score from a carbon removing or discount undertaking.” Every carbon credit score retains “real-world worth” and the corporate claims they’re “licensed by the main carbon credit score issuers.”

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