Adam Neumann-backed blockchain startup Flowcarbon raises $70 million

Flowcarbon, a startup co-founded by former WeWork CEO Adam Neumann, has raised $70 million to develop its blockchain-based carbon trading tools.

The round, which included both venture capital funding and a token sale, was led by Andreessen Horowitz's crypto unit, according to a statement on Tuesday. Other investors include General Catalyst, Samsung Next, 166 2nd, Sam and Ashley Levinson, RSE Ventures and Allegory Labs. Participants in the token sale include Fifth Wall, Box Group and the Celo Foundation.

"Flowcarbon’s mission is to drive billions of dollars directly to projects that reduce or remove carbon from the atmosphere by creating the first open protocol for tokenizing live, certified carbon credits from projects around the globe," the New York-based company said in the release. "Through Flowcarbon’s protocol, project developers can immediately access a marketplace of buyers interested in their credits by bringing them onto the blockchain. Buyers are then able to purchase live carbon credits directly from project proponents."

Flowcarbon has launched the Goddess Nature Token (GNT), a crypto token on the Celo blockchain backed by carbon credits. The tokens can be retired as an offset, sold, used for borrowing and lending, or redeemed for an underlying real-world credit, according to Flowcarbon. 

Of the total funds raised, $32 million came from venture capital firms and $38 million from the sale of GNT, according to Reuters. 

A private sale of GNT ends in two days, according to the company's website, which also allows people to register for an impending public launch of the token. 

Flowcarbon was co-founded by Adam Neumann, his wife Rebekah Neumann, Dana Gibber, Caroline Klatt, and Ilan Stern. The company has 35 employees, with Gibber serving as CEO.