- WeWork Inc (NYSE:WE) cofounder Adam Neumann raised $70 million from venture capitalists and others for his co-founded carbon-credit startup Flowcarbon, Bloomberg reports.
- The startup raised traditional funding from backers like Andreessen Horowitz’s crypto arm, General Catalyst, and Samsung Next.
- Flowcarbon also raised money by selling its token, called the Goddess Nature Token.
- Neumann, who stepped down as CEO of WeWork in 2019, helped conceive the idea for the startup.
- Neumann is listed as both a founder and an investor in Flowcarbon.
- Flowcarbon sells carbon credits and keeps a record of the transactions on the blockchain.
- Bloomberg writes that the carbon-credit market is notably opaque, often leading to low-quality credits sold and purchased that have little effect on carbon reduction.
- Recent efforts to incorporate crypto as a way to bring transparency have backfired.
- Photo by TechCrunch via Flickr
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WeWork Co-founder Raises $70M For Crypto Carbon-Credit Startup
WeWork
Adam Neumann
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