TechFlow reports, according to Forbes, that Flowcarbon, a climate tech startup co-founded by former WeWork CEO Adam Neumann, is quietly returning funds to investors. The company's once high-profile "Goddess Nature Token" (GNT) project has failed. Previous report, Flowcarbon announced in May 2022 that it had raised $70 million, with at least $38 million coming from token sales. Notable investors included a16z, General Catalyst, and Samsung NEXT. However, the GNT token has yet to be issued, and the company has recently begun refunding investors. Reportedly, during the refund process, Flowcarbon required GNT purchasers to sign liability release agreements and comply with confidentiality clauses. The company stated that market conditions and resistance from carbon registries were the main reasons for the refunds.
Flowcarbon originally planned to combine carbon credits with blockchain technology to enable broader participation in carbon markets. However, major carbon registry Verra has been cautious about such practices since November 2021, and in May 2022, it fully banned the tokenization of retired carbon credits. Despite the failure of the GNT project, Flowcarbon said it will continue developing its carbon finance business. The company was incubated by the Neumann family office and is managed daily by sisters Dana Gibber and Caroline Klatt.
