The Series A funding round was led by Andreessen Horowitz (a16z). Flowcarbon’s token is dubbed Goodness Nature Token (GNT).

Flowcarbon, co-founded by Adam Neumann, known for WeWork, is a climate technology company seeking to formalize the market for carbon offsets on the blockchain. The startup announced Tuesday its $70 million fundraise comprising token sales and a $32 million Series A round led by a16z crypto and including General Catalyst, Samsung Next, Invesco Private Capital, 166 2nd, Sam and Ashley Levinson, Kevin Turen, RSE Ventures, and Allegory Labs. Notable names that participated in the token sale included Fifth Wall, Box Group, and the Celo Foundation. (BusinessWire)

The other founders of Flowcarbon are Neumann’s spouse Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.

Flowcarbon

The company says on its website that carbon offsets were a highly effective way to mitigate climate change. However, these offsets trade on the voluntary carbon market (VCM) noted for its poor liquidity, accessibility, and price transparency. In these circumstances, the VCM is unlikely to be able to scale when demand mounts for carbon offsets.

“There are powerful economic incentives to destroy and degrade critical natural landscapes around the world, but the voluntary carbon market is a brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature,” said Dana Gibber, CEO of Flowcarbon, in a statement.

Arianna Simpson, General Partner at a16z crypto remarked that the demand for offsets was rapidly outpacing supply, especially for nature-based projects. “Tokenization is an obvious solution,” she said.

Goddess Nature Token (GNT)

Flowcarbon’s first carbon-backed token, called the Goddess Nature Token (GNT), is designed to maximize value and utility for buyers.

GNT is backed by a bundle of certified credits issued over the last five years from nature-based projects, tracking popular corporate demand criteria and offering widespread exposure to corporate-quality credits.

Flowcarbon’s GNT token will launch on the Celo blockchain.

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