Flowcarbon, a startup from Adam Neumann and his wife that is offering climate technology company working to build the infrastructure for a market in the voluntary selling of tokenized carbon credits on the blockchain, has raised $70 million in venture capital funding and sale of its carbon-backed token.
Yes, that Adam Neumann. The same man who was ousted from his own company, WeWork, after accusations of misappropriation of funds, sexual misconduct and other issues. The same Adam Neumann who tried to start another version of the WeWork model and even went so far as to copyright the word “we.”
So, why would anyone trust him now? The idea behind Flowcarbon does sound appealing. It plans to promote projects that reduce or remove carbon from the atmosphere. And some serious businesses, like a16z crypto – an Andreessen Horowitz fund – have backed it. But crypto? That market only just crashed. And the idea here is to basically become a broker of a service which was all that WeWork seemed to offer.
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(VCM), today announced it has raised a total of $70M in venture capital funding and sale of its carbon-backed token. The funding round was led by a16z crypto and also includes General Catalyst, Samsung Next, Invesco Private Capital, 166 2nd, Sam and Ashley Levinson, Kevin Turen, RSE Ventures, and Allegory Labs. Other participants in the token sale include Fifth Wall, Box Group, and the Celo Foundation.
Flowcarbon was co-founded by Dana Gibber, Caroline Klatt, Rebekah Neumann, Adam Neumann, and Ilan Stern, and is run by Gibber (CEO), Klatt (COO) and Phil Fogel (Chief Blockchain Officer). Flowcarbon currently has 35 employees with collective expertise in carbon, sustainability, and blockchain technology. Flowcarbon has offices in New York, Montana and Berlin.
Flowcarbon calls itself a pioneering climate technology company that brings carbon credits onto the blockchain. Its mission is to make carbon markets accessible and transparent, enabling billions of dollars to be invested directly into projects that combat climate change.
“There are powerful economic incentives to destroy and degrade critical natural landscapes around the world, but the voluntary carbon market is a brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature,” said Dana Gibber, CEO of Flowcarbon.