Startup Flowcarbon, co-founded by former WeWork CEO Adam Neumann, has raised $70 million to create a blockchain carbon loan market.

I’m excited to share this today @a16z crypto is the leader in the A-series @weareflowcarbon while developing an on-chain carbon credit token platform to bring the net zero vision to life.
More than @_PorterSmith and I’m downstairs. https://t.co/lpcL7cF6C2

— AriannaSimpson.eth (@AriannaSimpson) 24 May 2022

The round, which includes both venture capital financing and private token sales, was led by Andreessen Horowitz (a16z), a cryptocurrency. The startup was backed by General Catalyst, Samsung Next, Invesco Private Capital and other investors. Participants of the token sale were Fifth Wall, Box Group and Celo Foundation.

“Flowcarbon’s mission is to direct billions of dollars into projects that reduce or eliminate carbon emissions in the atmosphere by creating the first open protocol to signify certified carbon credits worldwide,” the company said.

The startup will provide project developers with direct access to the marketplace of buyers interested in their loans via the blockchain.

Flowcarbon’s first emission-backed token will be an asset on the Celo network called the Goddess Nature Token (GNT).

“GNT can be used as collateral for lending, as an asset for a treasury protocol, as part of stablecoin reserves, or as a means of payment on the network,” said a16z Crypto General Partner Ariana Simpson.

According to Reuters, the private sale of GNT brought the venture $38 million, and venture capital – $32 million.

Flowcarbon was founded by Adam Neumann and his wife Rebecca, Dana Gibber (who took over as CEO), Caroline Klatt (COO) and Phil Fogel (Blockchain Director). The project team consists of 35 people.

In November 2021, Cambridge Carbon Credits Center (4C) announced the launch of a decentralized marketplace based on the Tezos blockchain.