WeWork founder's crypto startup project failed to issue tokens, refunding investors tens of millions of dollars

Breaking news from TechFlow on September 12th, as reported by Forbes, Flowcarbon, a climate tech startup co-founded by former WeWork CEO Adam Neumann, is quietly returning investor funds. The company's previously highly anticipated 'Goddess Nature Token' (GNT) project has failed. Flowcarbon announced a $70 million funding round in May 2022, with at least $38 million from token sales. Prominent investors such as a16z, General Catalyst, and Samsung NEXT were involved. However, the issuance of GNT has been delayed, prompting the company to initiate refunds to investors. During the refund process, Flowcarbon requires GNT buyers to sign a waiver agreement and abide by confidentiality terms. The company cited market conditions and resistance from carbon registries as the main reasons for the refunds.

Flowcarbon originally aimed to integrate carbon credit limits with blockchain technology to enable more people to participate in the carbon market. However, the primary carbon registry body, Verra, has been cautious about such practices since November 2021 and fully banned the tokenization of retired carbon credits in May 2022. Despite the failure of the GNT project, Flowcarbon stated its commitment to continuing the development of carbon finance business. The company, incubated by the Neumann Family Office, is overseen by sisters Dana Gibber and Caroline Klatt. It is worth noting that Flowcarbon has no collaboration plans with Flow, a real estate startup founded by the Neumanns in 2022.