WeWork Co-founder Raises $70M For Crypto Carbon-Credit Startup

WeWork Inc WE cofounder Adam Neumann raised $70 million from venture capitalists and others for his co-founded carbon-credit startup Flowcarbon, Bloomberg reports.
The startup raised traditional funding from backers like Andreessen Horowitz’s crypto arm, General Catalyst, and Samsung Next.
Flowcarbon also raised money by selling its token, called the Goddess Nature Token.
Neumann, who stepped down as CEO of WeWork in 2019, helped conceive the idea for the startup.
Neumann is listed as both a founder and an investor in Flowcarbon.
Flowcarbon sells carbon credits and keeps a record of the transactions on the blockchain.
Bloomberg writes that the carbon-credit market is notably opaque, often leading to low-quality credits sold and purchased that have little effect on carbon reduction.
Recent efforts to incorporate crypto as a way to bring transparency have backfired.
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