Adam Neumann, the former CEO of WeWork (WE) - Get WeWork Inc. Class A Report, has launched a crypto start up called Flowcarbon. The company just closed a funding round of $70 million from investors such as a16z, Samsung Next and General Catalyst, among others.
The startup helped to raise some of the funds through a private sale of its token Goddess Nature Token, which is backed by certified carbon credits.
Neumann was forced out of WeWork after the company went from being a $47 billion unicorn to having a valuation of less than $10 billion. The rise and fall has since been documented by pop culture in Apple TV+ series and books written by journalists. But all of that hasn't yet impacted Neumann's newest venture: crypto.
Full Video Transcript Below:
After being forced out as CEO of one Wall Street's biggest blunders, this CEO is back, but this time with a crypto company.
It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Wednesday, May 25.
Former WeWork CEO Adam Neumann launched a crypto startup and it's gotten financial backing from Andreessen Horowitz, according to reporting from Reuters.
Neumann's Flowcarbon is a carbon credit trading platform enabled on the blockchain. Essentially, the company wants to capitalize on the carbon credits that companies buy in order to offset their greenhouse gas emissions. Flowcarbon has plans to sell its Goddess Nature Token, which is backed by certified carbon credits.
Right now, there's a private presale of the token, which helped Flowcarbon close a funding round worth $32 million from Andreesseen Horowitz as well as General Catalyst and Samsung Next. They also raised $38 million through a token sale to bring the total to roughly $70 million.While the GNT is focused on one bundle of carbon credits from nature-backed projects over the past five years, there are plans for other tokens as well. Following its official launch, GNT will be on the Celo blockchain.
It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.
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