The blockchain-based carbon trading platform, Flowcarbon, fetched $70 million in a fundraising round led by an American venture capital firm a16z. Flowcarbon’s founder is the same as WeWork’s founder, Adam Neumann.
Other participants have also joined the funding round, including General Catalyst, Samsung Next, Invesco Private Capital, 166 2nd, Sam and Ashley Levinson, Kevin Turen, RSE Ventures, Allegory Labs Fifth Wall, Box Group, and the Celo Foundation.
Neumann became famous after the innovative startup launch ‘WeWork’ in 2010 that used to provide co-working spaces. However, the company went bankrupt in 2019 which forced him to step down from the CEO post.
Along with Adak Neumann, his wife Rebekah Neumann is also a co-founder at Flowcarbon. Also, Headliner Labs’s co-founders Dana Gibber, and Caroline Klatt are at the post of CEO and COO respectively.
In the blog post on the website, Flowcarbon revealed that it has received $32 million in funding from Silicon Valley investors Marc Andreessen and Ben Horowitz through a16z. The company has raised another $38 million from a token sale of Flowcarbon’s first carbon-backed token, the Goddess Nature Token (GNT).
“There are powerful economic incentives to destroy and degrade critical natural landscapes around the world, but the voluntary carbon market is a brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature,” said Dana Gibber, CEO of Flowcarbon.
“We have a big vision and the stakes are high. We are thrilled to be partnering with the most thoughtful investors in the world, who bring a combined expertise in web3 and key market categories including manufacturing, technology, entertainment and real estate,” added Gibber.
The company’s motto is to establish itself as a leading climate technology company to develop market infrastructure in the voluntary carbon market (VCM). Flowcarbon enhances the accessibility and efficiency of carbon credits using tokenomics in it on the Celo blockchain.