WeWork Inc (NYSE:WE) founder Adam Neumann looks to have another disastrous, if less costly, venture on his hands with his blockchain-based carbon-credit company Flowcarbon.
According to Forbes, investors into the climate technology startup, which aims to tokenise carbon credits on the blockchain via the ‘Goddess Nature Token’ cryptocurrency, are receiving refunds after Flowcarbon failed to bring the crypto token to market.
The refunds were reportedly due to market conditions and resistance from carbon registries.
Flowcarbon communicated the decision to purchasers via Zoom, reported Forbes, asking them to sign a waiver and confidentiality agreement.
Flowcarbon had initially positioned itself as a leader in carbon finance but has not publicly disclosed the refunds.
The company’s initial backers included Andreessen Horowitz, General Catalyst, and Fifth Wall. Neumann reportedly raised US$70 million (£53.6 million) from them.