[ad_1]
$70 Million Raised
WeWork (WE) co-founder Adam Neumann has raised $32 million from Andreessen Horowitz’s crypto-focused a16z enterprise capital fund, along with funding from different traders. The proceeds will fund his new startup Flowcarbon. One other $38 million got here from the sale of Flowcarbon’s Goddess Nature Token (GNT).
Utilizing tokens on the blockchain, the corporate will promote carbon credit, which corporations can use to shrink their carbon footprint. The credit can be traded on crypto exchanges. Flowcarbon will get a 2% tokenization charge when carbon credit score suppliers promote on-chain.
Roots in WeWork Debacle
Neumann’s earlier coworking enterprise, WeWork, was launched in 2010 in an intention to supply versatile short-term workplace options. At one time in 2019, the corporate had a $47 billion valuation, however stumbled main as much as its IPO. In the end its valuation collapsed amid a monetary disaster and Neumann was ousted as CEO.
Now because the visionary units his sights on the carbon credit score play, some trade observers are elevating their eyebrows. Some have argued WeWork’s near-bankruptcy will be largely blamed on Neumann.
Phoenix Rising?
With enterprise fund backing from a16z, Adam Neumann is again. The entrepreneur has a whole lot of competitors on this newest entrepreneurial enterprise. Quite a few startups are devoted to crypto-supported regenerative finance. Toucan, Regen, Moss, and KlimaDAO all supply crypto-based carbon credit score options.
In the meantime, Flowcarbon is pre-registering folks for its deliberate sale of its Goddess Nature Token. Its success might nicely sign a comeback for Neumann, if he can pull it off.
Please perceive that this data offered is normal in nature and shouldn’t be construed as a suggestion or solicitation of any merchandise supplied by SoFi’s associates and subsidiaries. As well as, this data is in no way meant to supply funding or monetary recommendation, neither is it supposed to function the premise for any funding determination or suggestion to purchase or promote any asset. Needless to say investing includes danger, and previous efficiency of an asset by no means ensures future outcomes or returns. It’s necessary for traders to contemplate their particular monetary wants, objectives, and danger profile earlier than investing determination.
The knowledge and evaluation offered by hyperlinks to 3rd get together web sites, whereas believed to be correct, can’t be assured by SoFi. These hyperlinks are offered for informational functions and shouldn’t be considered as an endorsement. No manufacturers or merchandise talked about are affiliated with SoFi, nor do they endorse or sponsor this content material.
Communication of SoFi Wealth LLC an SEC Registered Funding Adviser
SoFi isn’t recommending and isn’t affiliated with the manufacturers or corporations displayed. Manufacturers displayed neither endorse or sponsor this text. Third get together emblems and repair marks referenced are property of their respective homeowners.
SOSS22052703
[ad_2]
Source link