- Adam Neumann debuts his new crypto venture Flowcarbon.
- Neumann is infamous within the crypto space due to his company that crashed back in 2019.
- Allegory Labs, RSE Ventures, and more participated in the funding round.
Adam Neumann, co-founder of the startup WeWork, is behind a new cryptocurrency initiative called Flowcarbon. On Tuesday, the crypto venture said it secured $70 million from a group of investors headed by Andreessen Horowitz. Dana Gibber, the chief executive officer of Flowcarbon, describes the project’s efforts as a great financial mechanism that offers an incentive to reforest, revive, and conserve nature.
Neumann is a contentious figure due to his participation in WeWork in 2019, as it was revealed that the business was losing money. In September of 2019, WeWork filed Form S-1 for an initial public offering (IPO) of its shares, and Neumann resigned as CEO. He founded Flowcarbon alongside his wife Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.
Neumann wants to place carbon credits on the