Flowcarbon, a blockchain-based carbon credit platform co-founded by WeWork’s former CEO Adam Neumann, is refunding investors after failing to launch its 'Goddess Nature Token' (GNT). The refunds, reported by Forbes on September 11, come after over a year of delays attributed to tough market conditions and resistance from carbon registries. The company, which raised $70 million in Series A funding in May 2022, has not publicly disclosed these refunds but has been offering them to retail GNT buyers. Investors were asked to sign a waiver of claims and confidentiality terms as part of the refund process. The GNT was intended to be backed by carbon credits, aiming to make the carbon market more accessible.

Flowcarbon, a blockchain-based carbon credit platform co-founded by WeWork’s former CEO Adam Neumann, is reportedly refunding investors after its once-hyped “Goddess Nature Token” (GNT) failed to launch. 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, Forbes reported on Sept. 11. Flowcarbon told investors market conditions and resistance from carbon registries were the main reasons behind the refunds. Flowcarbon does not appear to have publicly disclosed its refunds, with a Flowcarbon spokesperson telling Forbes it was “well known that since last year we have been offering refunds to retail GNT buyers due to the industry delays, with standard and customary terms, as we continue to grow Flowcarbon as a leader in carbon finance.” Part of the refund process reportedly involved asking GNT purchasers to sign a waiver of claims against Flowcarbon and its affiliates, in addition to certain confidentiality terms. GNT would have been backed 1:1 with carbon credits — certificates that large companies often purchase to offset their carbon emissions. These credits represent a metric ton of carbon dioxide that has been removed or prevented from entering the atmosphere. Tokenizing carbon credits would theoretically make it accessible to more investors to participate in the carbon market — however, few industry players have managed to make considerable progress. 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, Crunchbase data shows. At least $38 million of that round was raised through the sale of Flowcarbon’s token, though it isn’t clear whether retail investors were included in that sum. Related: UAE researchers launch blockchain carbon trading platform at COP28 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. Magazine: Green consumers want supply chain transparency via blockchain 

WeWork Founder's Crypto Startup Refunds Investors Due to Failed Token Launch