A project backed by Adam Neumann, the co-founder, and former WeWork executive, raised $70 million from strategic investors, according to an announcement published on Tuesday. Neumann is a controversial character for his role in the company in 2019 when it was discovered the firm could not turn a profit.
In September 2019, Wework filed an S-1 filing for an initial public offering (IPO) stock launch and Neumann resigned from his CEO position.
Neumann co-founded Flowcarbon with his wife Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt to address the global climate crisis by constructing market infrastructure in the voluntary carbon market.
It aims to tokenize the carbon credit industry and the company raised $70 million in venture capital from the private sale of its carbon-backed token.
The company announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.
The token sale saw investments from Box Group, Celo Foundation, and Fifth Wall.
The company implements carbon credits into the Celo blockchain and converts them to tokens called “goddess nature tokens” (GNT).
The goal is to make the carbon credit voluntary but also “more transparent, liquid and accessible,” according to the website’s summary.
The CEO of Flowcarbon, Dana Gibber, explained there are “powerful economic incentives to destroy and degrade critical natural landscapes around the world.” However, a VCM like Flowcarbon’s could counterbalance those incentives, according to Gibber.