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

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

The co-founder of the corporate Wework, Adam Neumann, is behind a brand new crypto mission known as Flowcarbon and on Tuesday, the blockchain mission 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 mission’s efforts present a “sensible monetary mechanism that creates a counterbalancing incentive to reforest, revitalize and shield nature.”

Adam Neumann Backed Crypto Project Flowcarbon Raises $70 Million

A mission backed by Adam Neumann, the co-founder and former Wework govt raised $70 million from strategic buyers, in line with an announcement revealed on Tuesday. Neumann is a controversial character for his position 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 mission Neumann co-founded along with his partner Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.

Wework Co-Founder Adam Neumann's Crypto Project Secures $70M, Funding Round Led by A16z
Flowcarbon was co-founded by Adam Neumann his partner Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt. Neumann is thought for founding Wework.

Flowcarbon is all about fixing the worldwide local weather disaster and calls itself a “pioneering local weather know-how firm working to construct market infrastructure within the voluntary carbon market (VCM).” It goals to tokenize the carbon credit score trade and the corporate raised $70 million in enterprise capital and from the personal sale of its carbon-backed token. The firm announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.

The funding spherical additionally noticed participation from Invesco Private Capital, General Catalyst, Samsung Next, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs. The token sale noticed investments from Box Group, Celo Foundation, and Fifth Wall. The firm 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 ambiance by creating the primary open protocol for tokenizing reside, licensed carbon credit from tasks across the globe.

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

The CEO of Flowcarbon, Dana Gibber, defined there are “highly effective financial incentives to destroy and degrade important pure landscapes around the globe.” However, a VCM like Flowcarbon’s may counterbalance these incentives, in line with Gibber. In addition to Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson revealed a blog post about A16z investing in Flowcarbon. Simpson stated that the Flowcarbon mission unlocks “a brand new financial flywheel for sustainability.” The common associate at Andreessen Horowitz who invests in crypto additional remarked:

Buyers should purchase ERC20 tokens backed by a bundle of licensed carbon credit issued within the final 5 years from tasks that shield and restore nature.

Flowcarbon’s funding spherical, led by A16z and the handful of different buyers, racked up a complete of $32 million. The 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 elimination or discount mission.” Every carbon credit score retains “real-world worth” and the corporate claims they’re “licensed by the main carbon credit score issuers.”

Tags on this story
Adam Neumann, Allegory Labs, Andreessen Horowitz (A16z), Arianna Simpson, Ashley Levinson, Box Group, Carbon Credits, Carolina Klatt, Celo Foundation, Dana Gibber, ERC20 Tokens, Fifth Wall, Flowcarbon, General Catalyst, GNT, goddess nature token (GNT), Ilan Stern, Invesco Private Capital, Kevin Turen, RSE Ventures, Sam Levinson, Samsung Next, VCM, voluntary carbon market

What do you consider Adam Neumann’s Flowcarbon elevating $70 million? Let us know what you consider this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com News concerning the disruptive protocols rising at this time.

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