February 27, 2024

Blockchain startup Flowcarbon from ex-WeWork CEO raises $70 million

Blockchain startup Flowcarbon from ex-WeWork CEO raises $70 million

Flowcarbon, a startup co-founded by former WeWork CEO Adam Neumann, has raised $70 million to createblockchain market for carbon credits.

Round that included both venturefunding, as well as a private sale of tokens, was led by the cryptocurrency division of Andreessen Horowitz (a16z). The startup was supported by General Catalyst, Samsung Next, Invesco Private Capital and other investors. The participants of the token sale were Fifth Wall, Box Group and Celo Foundation.

«Flowcarbon's mission is to guidebillions of dollars directly towards projects that reduce or remove carbon emissions from the atmosphere by creating the first open protocol for tokenizing certified carbon credits worldwide,” the company said.

The startup will provide project developers with direct access to the market of buyers interested in their loans through the blockchain.

Flowcarbon's first emissions-backed token will be an asset called the Goddess Nature Token (GNT) on the Celo network.

«GNT can be used ascollateral for lending, as an asset for the treasury protocol, to serve as part of the reserves for stablecoins or as a means of payment on the network,” said Ariana Simpson, general partner of a16z Crypto.

According to Reuters, the private sale of GNT brought the startup $38 million, and venture capital - $32 million.

Flowcarbon was founded by Adam Neumann and his wife Rebecca, Dana Gibber (who took over as CEO), Caroline Klatt (COO) and Phil Vogel (Director of Blockchain). The project team consists of 35 employees.

Recall that in November 2021, the Cambridge Center for Carbon Credits (4C) announced the launch of a decentralized market based on the Tezos blockchain.