Flowcarbon, a blockchain-based carbon credit platform co-founded by WeWork’s former CEO Adam Neumann, is refunding investors after its long-awaited 'Goddess Nature Token' (GNT) failed to launch.
Reasons for Refunds
Some refunds have been issued 'in recent weeks' after investors — such as tech-focused venture capital firm Andreessen Horowitz — waited over a year for a launch that never happened. Flowcarbon told investors that market conditions and resistance from carbon registries were the main reasons behind the refunds.
Venture Capital Backing
Neumann’s firm received $70 million in Series A funding in May 2022, headlined by tech-focused venture capital firm Andreessen Horowitz, General Catalyst, and Samsung NEXT. According to Crunchbase, at least $38 million of this round was raised through the sale of Flowcarbon’s tokens.
On the Energy Token Market
Energy and environment-related tokens comprise a combined market cap of $186 million, according to CoinGecko. Powerledger’s POWR and Energy Web’s EWT tokens make up $176 million, or 94% of that market.
Flowcarbon appears to remain actively involved in the climate industry despite failing to launch the GNT token. The future of the company and its role in the carbon credits market remains uncertain.
Comments