- WeWork Inc WE cofounder Adam Neumann raised $70 million from enterprise capitalists and others for his co-founded carbon-credit startup Flowcarbon, Bloomberg reports.
- The startup raised conventional funding from backers like Andreessen Horowitz’s crypto arm, Normal Catalyst, and Samsung Subsequent.
- Flowcarbon additionally raised cash by promoting its token, known as the Goddess Nature Token.
- Neumann, who stepped down as CEO of WeWork in 2019, helped conceive the thought for the startup.
- Neumann is listed as each a founder and an investor in Flowcarbon.
- Flowcarbon sells carbon credit and retains a document of the transactions on the blockchain.
- Bloomberg writes that the carbon-credit market is notably opaque, usually resulting in low-quality credit offered and bought which have little impact on carbon discount.
- Latest efforts to include crypto as a strategy to convey transparency have backfired.
- Picture by TechCrunch by way of Flickr
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