Startup Flowcarbon, co-founded by former WeWork CEO Adam Neumann, has raised $70 million to develop a blockchain platform for carbon credits.
The round, which included venture funding and a private token sale, was led by cryptocurrency unit Andreessen Horowitz (a16z). Also participating in the funding were General Catalyst, Samsung Next, 166 2nd, Sam and Ashley Levinson, RSE Ventures and Allegory Labs.
Fifth Wall, Box Group and Celo Foundation participated in the tokenseal.
“Flowcarbon’s mission is to direct billions of dollars directly to projects that reduce or remove carbon footprints from the atmosphere by creating the first open protocol for tokenizing live, certified carbon credits around the world. With the Flowcarbon protocol, project developers can immediately access a marketplace of buyers interested in their credits by putting them on the blockchain. Buyers can then purchase live carbon credits directly from project proponents,” the company said.
Flowcarbon launched the Goddess Nature Token (GNT) on the Celo blockchain. GNT is backed by carbon credits. According to Flowcarbon, the tokens can be withdrawn as compensation, sold, used for borrowing and lending or redeemed for underlying real credit.
According to Reuters, of the total funds raised, $32 million came from venture capitalists and $38 million from the sale of GNT.
According to the company’s Web site, the private sale of GNT ends in two days, which also allows users to register for the upcoming public sale.
Flowcarbon was founded by Adam Neumann, his wife Rebecca Neumann, Dana Gibber, Caroline Klatt and Ilan Stern.