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Startup Flowcarbon, co-founded by former WeWork CEO Adam Neumann, has raised $ 70 million to create a blockchain market for carbon credits.
I’m excited to share today that @a16z crypto is leading the series A round of @weareflowcarbon as they develop an on-chain carbon credit tokenization platform to bring their net-zero vision to fruition.
More from @_PorterSmith and me below. https://t.co/lpcL7cF6C2
— AriannaSimpson.eth (@AriannaSimpson) May 24, 2022
The round, which included both venture capital funding and a private token sale, was led by the cryptocurrency division of Andreessen Horowitz (a16z). The startup was supported by General Catalyst, Samsung Next, Invesco Private Capital and other investors. The participants of the token sale were Fifth Wall, Box Group and Celo Foundation.
“Flowcarbon’s mission is to channel billions of dollars directly into projects that reduce or remove carbon emissions from the atmosphere by creating the first open protocol for tokenizing certified carbon credits around the world,” the company said.
The startup will provide project developers with direct access to the market of buyers interested in their loans through the blockchain.
The first Flowcarbon token with emission quotas will be an asset called goddess Nature Token (GNT) in the Celo network.
“GNT can be used as collateral for lending, as an asset for the Treasury protocol, serve as part of the reserves for stablecoins or as a means of payment on the network,” said Ariana Simpson, general partner of a16z Crypto.
According to Reuters, the private sale of GNT brought the startup $ 38 million, and venture capital – $ 32 million.
The founders of Flowcarbon were Adam Neumann with his wife Rebecca, Dana Gibber (took the post of CEO), Caroline Klatt (COO) and Phil Vogel (director of blockchain). The project team consists of 35 employees.
Recall that in November 2021, the Cambridge Center for Carbon Credits (4C) announced the launch of a decentralized market based on the Tezos blockchain.
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