The co-founder of the corporate Wework, Adam Neumann, is behind a brand new crypto venture known as Flowcarbon and on Tuesday, the blockchain venture revealed it raised $70 million from a handful of buyers and was led by Andreessen Horowitz (A16z). Flowcarbon’s chief govt Dana Gibber says the venture’s efforts present a “sensible monetary mechanism that creates a counterbalancing incentive to reforest, revitalize and defend nature.”
Adam Neumann Backed Crypto Challenge Flowcarbon Raises $70 Million
A venture backed by Adam Neumann, the co-founder and former Wework govt raised $70 million from strategic buyers, in line with an announcement printed 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 venture Neumann co-founded along 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 local weather expertise firm working to construct market infrastructure within 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 corporate announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.
The funding spherical additionally noticed participation from Invesco Non-public Capital, Basic Catalyst, Samsung Subsequent, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs. The token sale noticed investments from Field Group, Celo Basis, and Fifth Wall. The corporate 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 “extra clear, liquid and accessible,” in line with 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 dwell, licensed carbon credit from tasks across the globe.
A16z Basic Accomplice Says Flowcarbon ‘Is a New Financial Flywheel for Sustainability’
The CEO of Flowcarbon, Dana Gibber, defined there are “highly effective financial incentives to destroy and degrade crucial pure landscapes world wide.” Nevertheless, a VCM like Flowcarbon’s may counterbalance these incentives, in line with Gibber. Along with Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson printed a weblog submit about A16z investing in Flowcarbon. Simpson stated that the Flowcarbon venture unlocks “a brand new financial flywheel for sustainability.” The overall accomplice at Andreessen Horowitz who invests in crypto additional remarked:
Patrons should buy ERC20 tokens backed by a bundle of licensed carbon credit issued within the final 5 years from tasks that defend and restore nature.
Flowcarbon’s funding spherical, led by A16z and the handful of different buyers, racked up a complete of $32 million. 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 “every GNT token is backed by 1 carbon credit score from a carbon removing or discount venture.” Each carbon credit score retains “real-world worth” and the corporate claims they’re “licensed by the main carbon credit score issuers.”
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