Wework Co-Founder Adam Neumann’s Crypto Project Secures $70M, Funding Round Led by A16z

The co-founder of the institution Wework, Adam Neumann, is down a caller crypto task called Flowcarbon and connected Tuesday, the blockchain task revealed it raised $70 cardinal from a fistful of investors and was led by Andreessen Horowitz (A16z). Flowcarbon’s main enforcement Dana Gibber says the project’s efforts supply a “brilliant fiscal mechanics that creates a counterbalancing inducement to reforest, revitalize and support nature.”

Adam Neumann Backed Crypto Project Flowcarbon Raises $70 Million

A task backed by Adam Neumann, the co-founder and erstwhile Wework enforcement raised $70 cardinal from strategical investors, according to an announcement published connected Tuesday. Neumann is simply a arguable quality for his relation successful the institution successful 2019 erstwhile it was discovered the steadfast could not crook a profit. In September 2019, Wework filed an S-1 filing for an archetypal nationalist offering (IPO) banal motorboat and Neumann resigned from his CEO position. Flowcarbon is simply a task Neumann co-founded with his spouse Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.

Flowcarbon was co-founded by Adam Neumann his spouse Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt. Neumann is known for founding Wework.

Flowcarbon is each astir fixing the planetary clime situation and calls itself a “pioneering clime exertion institution moving to physique marketplace infrastructure successful the voluntary c marketplace (VCM).” It aims to tokenize the c recognition manufacture and the institution raised $70 million successful task superior and from the backstage merchantability of its carbon-backed token. The institution announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.

The backing circular besides saw information from Invesco Private Capital, General Catalyst, Samsung Next, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs. The token merchantability saw investments from Box Group, Celo Foundation, and Fifth Wall. The institution implements c credits into the Celo blockchain and converts them to tokens called goddess quality token (GNT). The extremity is to marque the c recognition voluntary but besides “more transparent, liquid and accessible,” according to the website’s summary.

On Tuesday, Flowcarbon’s announcement notes:

Flowcarbon’s ngo is to thrust billions of dollars straight to projects that trim oregon region c from the ambiance by creating the archetypal unfastened protocol for tokenizing live, certified c credits from projects astir the globe.

A16z General Partner Says Flowcarbon ‘Is a New Economic Flywheel for Sustainability’

The CEO of Flowcarbon, Dana Gibber, explained determination are “powerful economical incentives to destruct and degrade captious earthy landscapes astir the world.” However, a VCM similar Flowcarbon’s could counterbalance those incentives, according to Gibber. In summation to Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson published a blog post astir A16z investing successful Flowcarbon. Simpson said that the Flowcarbon task unlocks “a caller economical flywheel for sustainability.” The wide spouse astatine Andreessen Horowitz who invests successful crypto further remarked:

Buyers tin acquisition ERC20 tokens backed by a bundle of certified c credits issued successful the past 5 years from projects that support and reconstruct nature.

Flowcarbon’s backing round, led by A16z and the fistful of different investors, racked up a full of $32 million. The remainder of the $70 cardinal raised stemmed from the goddess quality token (GNT) sale. Flowcarbon’s website says GNT is 1:1 backed arsenic “each GNT token is backed by 1 c recognition from a c removal oregon simplification project.” Every c recognition retains “real-world value” and the institution claims they are “certified by the starring c recognition issuers.”

What bash you deliberation astir Adam Neumann’s Flowcarbon raising $70 million? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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