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Flowcarbon books $70M for tokenized carbon credits

Alan Neuhauser
Illustration of a calculator that reads CO2

Illustration: Sarah Grillo/Axios

The carbon-credits-plus-blockchain startup Flowcarbon has raised $70 million in venture funding and through the sale of a carbon-backed token, Axios has learned.

Why it matters: The company — which counts ex-WeWork founder Adam Neumann as a co-founder — is taking a crypto-first approach to carbon credits.

  • The influx of capital suggests it has believers.

The details: The round was led by Andreessen Horowitz fund a16z crypto.

  • General Catalyst, Samsung Next, 166 2nd, Sam and Ashley Levinson, RSE Ventures and Allegory Labs also participated in the funding round.
  • Fifth Wall, Box Group and the Celo Foundation participated in the token sale.

What's happening: Flowcarbon is aiming to bring greater transparency to carbon credits — and circumvent brokers — by connecting them with tokens.

  • "We’re trying to create a financial mechanism where the function is to funnel capital to our natural carbon sinks," co-founder and CEO Dana Gibber tells Axios.

Of note: Neumann and his wife, Rebekah Neumann, who also held senior roles at WeWork, are listed as "co-founders." When asked about their role, a spokesperson responded that the two "have been supportive to the operating team."

  • "Per the release, the company is run by Dana Gibber, Caroline Klatt and Phil Fogel," the spokesperson adds.
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