According to TechFlow, Flowcarbon, a climate technology startup co-founded by former WeWork CEO Adam Neumann, is quietly returning investor funds, according to Forbes. The company's previously high-profile "Goddess Nature Token" (GNT) project has failed. According to previous news, Flowcarbon announced in May 2022 that it had completed $70 million in financing, of which at least $38 million came from token sales. Well-known investment institutions a16z, General Catalyst and Samsung NEXT participated. However, GNT has been delayed in its issuance, and the company recently began to refund investors. It is reported that during the refund process, Flowcarbon requires GNT buyers to sign a waiver of claims agreement and comply with confidentiality terms. The company said that market conditions and resistance from carbon registries were the main reasons for the refund.
Flowcarbon originally planned to combine carbon credits with blockchain technology to enable more people to participate in the carbon market. However, Verra, a major carbon registry, has been cautious about such practices since November 2021 and completely banned the tokenization of cancelled carbon credits in May 2022. Despite the failure of the GNT project, Flowcarbon said it would continue to develop its carbon finance business. The company was incubated by the Neumann family office and is managed on a daily basis by sisters Dana Gibber and Caroline Klatt. It is worth noting that Flowcarbon has no plans to cooperate with Flow, a real estate startup founded by Neumann in 2022.
