$70 Million Raised
WeWork (WE) co-founder Adam Neumann has raised $32 million from Andreessen Horowitz’s crypto-focused a16z mission capital fund, along with investment from different traders. The proceeds will fund his new startup Flowcarbon. Some other $38 million got here from the sale of Flowcarbon’s Goddess Nature Token (GNT).
The usage of tokens at the blockchain, the corporate will promote carbon credit, which firms can use to shrink their carbon footprint. The credit may also be traded on crypto exchanges. Flowcarbon will get a 2% tokenization charge when carbon credit score suppliers promote on-chain.
Roots in WeWork Debacle
Neumann’s earlier coworking mission, WeWork, used to be introduced in 2010 in an goal to supply versatile non permanent place of work answers. At one time in 2019, the corporate had a $47 billion valuation, however stumbled main as much as its IPO. In the end its valuation collapsed amid a monetary disaster and Neumann used to be ousted as CEO.
Now because the visionary units his points of interest at the carbon credit score play, some business observers are elevating their eyebrows. Some have argued WeWork’s near-bankruptcy can also be in large part blamed on Neumann.
With mission fund backing from a16z, Adam Neumann is again. The entrepreneur has numerous pageant on this newest entrepreneurial mission. A large number of startups are devoted to crypto-supported regenerative finance. Toucan, Regen, Moss, and KlimaDAO all be offering crypto-based carbon credit score answers.
In the meantime, Flowcarbon is pre-registering other people for its deliberate sale of its Goddess Nature Token. Its good fortune might smartly sign a comeback for Neumann, if he can pull it off.
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