- Adam Neumann debuts his new crypto venture Flowcarbon.
- Neumann is infamous within the crypto space due to his company that crashed back in 2019.
- Allegory Labs, RSE Ventures, and more participated in the funding round.
Adam Neumann, co-founder of the startup WeWork, is behind a new cryptocurrency initiative called Flowcarbon. On Tuesday, the crypto venture said it secured $70 million from a group of investors headed by Andreessen Horowitz. Dana Gibber, the chief executive officer of Flowcarbon, describes the project’s efforts as a great financial mechanism that offers an incentive to reforest, revive, and conserve nature.
Neumann is a contentious figure due to his participation in WeWork in 2019, as it was revealed that the business was losing money. In September of 2019, WeWork filed Form S-1 for an initial public offering (IPO) of its shares, and Neumann resigned as CEO. He founded Flowcarbon alongside his wife Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.