Flowcarbon, Co-founded by WeWork's Adam Neumann, Returns Funds to Investors as Its GNT Project Fails

According to Forbes, Flowcarbon, a blockchain-based carbon credit platform co-founded by WeWork founder Adam Neumann, is returning funds to investors. The company's highly anticipated GNT (Goddess Nature Token) project has failed. During the refund process, Flowcarbon is requiring GNT buyers to sign a waiver releasing any claims and adhering to confidentiality agreements.

Flowcarbon initially aimed to integrate carbon credits with blockchain technology, enabling wider participation in the carbon market. However, Verra, a leading carbon registry, adopted a cautious stance towards such practices since November 2021 and ultimately banned the tokenization of retired carbon credits in May 2022.

Previously reported by Reuters, Flowcarbon secured $70 million in funding in May 2022. This included $32 million led by Andreessen Horowitz (a16z) with participation from Samsung Next and General Catalyst, alongside $38 million raised through the sale of its GNT tokens.