Tuesday, December 6, 2022

WeWork Founder Raised $70M For Carbon Credit Crypto Platform

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WeWork founder raised $70 million for a carbon credit crypto platform and Adam Neumann is back with a new startup that will offer a new token as well so let’s read more today in our latest cryptocurrency news.

The GNT token can be redeemed for carbon and will run on the Celo blockchain so the project is raising money from venture capital and private token sales. The WeWork founder and formed CEO Adam Neumann resigned amid the controversy before the company’s initial public offering and launched a new crypto startup. His new venture Flowcarbon aims to bring the carbon market to the blockchain which the company closed a $32 million venture capital round that was led by a16z and raised another $38 million in a private presale of the company’s Goddess Nature Token.

The token will be backed by certified carbon offset credits that were issued by nature-based projects in the past few years and the credits trade on the voluntary carbon market, projected to reach $700 million by 2027. the credits can trade until they are redeemed by the end-user which emans that the person or company got to claim the offset of the environmental impact. Flowcarbon said that GNT can be sold and then used for borrowing and lending but also redeemed for an underlying real-world credit. When it launches, GNT will run on the Celo Blockchain but now the block explorer only shows the Test Goddess Nature Token and the TEst Goddess nature token plus.

adam neumann
Adam Neumann, Source: Wikipedia

The Flow carbon’s head of communication Nicole Shore said that the people can apply to take part in the presale of the company’s website. The funding round includes General Catalyst and Samsung Next as well as 166 2nd Financial services. The last investor is Neumann’s family office formed in October which manages $700 million. Flowcarbon CEO Dana Gibber said that the Neumann family asked the 166 2nd team to come up with a company that will maximize the conservation efforts and will take the money with the result being Flowcarbon.  Neumann and his wife co-founded the company with Gibber:

“We connected with them through their extensive conservation work, which has been quiet but spans many years and millions of hectares. They have been great partners.”

Neumman resigned from WeWork in 2019 after the disclosures in the company’s $47 billion IPO filing got a lot of criticism from investors and after his departure, the IPO was delayed and withdrawn. WeWork went public in 2021 and merged with BowX Acquisition Corp with a $9 billion valuation.

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