WeWork co-founder Adam Neumann back with new crypto project, raises $70M led by a16z
FlowCarbon closed a $32 million venture capital round led by Andreessen Horowitz's crypto arm, and raised another $38 million via a private presale of the company’s Goddess Nature Token (GNT).
Carbon-credit startup , co-founded by WeWork's Adam Neumann, has raised $70 million in a funding round led by a16z.
The company closed a $32 million venture capital round led by Andreessen Horowitz's crypto arm, and raised another $38 million via a private presale of the company’s Goddess Nature Token (GNT). Other investors, including General Catalyst, Samsung Next, RSE Ventures, and Allegory Labs participated in the funding round.
Adam and his wife Rebekah Neumann have been listed as co-founders of FlowCarbon, along with CEO Dana Gibber and COO Caroline Klatt.
According to the company, FlowCarbon offers tokenised carbon credits to companies aiming to lower their carbon footprint. The credits can then be trading exchanges on cryptocurrency exchanges.
The company claims that the credits are traded until they are redeemed by the user who can then claim the offset's environmental impact. The token can be sold or redeemed for an underlying real-world credit.
Carbon markets are exceedingly opaque and offering carbon credits can increase revenue and enhance transparency for buyers. Many venture capitalists are hinting toward carbon credit market as many consider carbon credits as a credible revenue source for projects.
In recent years, several new ventures, including OffsetFarm, JustCarbon, and Carbon Interface have emerged in this space.
(This copy has been updated to correct an error in the headline)
Edited by Megha Reddy