The co-founder of the corporate Wework, Adam Neumann, is behind a brand new crypto mission known as Flowcarbon and on Tuesday, the blockchain mission revealed it raised $70 million from a handful of buyers and was led by Andreessen Horowitz (A16z). Flowcarbon’s chief government Dana Gibber says the mission’s efforts present a “brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature.”
Adam Neumann Backed Crypto Project Flowcarbon Raises $70 Million
A mission backed by Adam Neumann, the co-founder and former Wework government raised $70 million from strategic buyers, in response to 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 mission Neumann co-founded together 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 climate technology company working to build market infrastructure in the voluntary carbon market (VCM).” It goals to tokenize the carbon credit score business and the corporate raised $70 million in enterprise capital and from the personal 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 known as goddess nature token (GNT). The aim is to make the carbon credit score voluntary but additionally “more transparent, liquid and accessible,” in response to the web site’s abstract.
On Tuesday, Flowcarbon’s announcement notes:
Flowcarbon’s mission is to drive billions of {dollars} on to tasks that scale back or take away carbon from the environment by creating the primary open protocol for tokenizing stay, licensed carbon credit from tasks across the globe.
A16z General Partner Says Flowcarbon ‘Is a New Economic Flywheel for Sustainability’
The CEO of Flowcarbon, Dana Gibber, defined there are “powerful economic incentives to destroy and degrade critical natural landscapes around the world.” However, a VCM like Flowcarbon’s may counterbalance these incentives, in response to Gibber. In addition to Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson revealed a weblog publish about A16z investing in Flowcarbon. Simpson mentioned that the Flowcarbon mission unlocks “a new economic flywheel for sustainability.” The common 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 tasks that shield and restore nature.
Flowcarbon’s funding spherical, led by A16z and the handful of different buyers, 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 “each GNT token is backed by 1 carbon credit from a carbon removal or reduction project.” Every carbon credit score retains “real-world value” and the corporate claims they’re “certified by the leading carbon credit issuers.”
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