Flowcarbon books $70M for tokenized carbon credits
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.