Flowcarbon, Founded by Adam Neumann, Offers Reimbursements to Investors After GNT Token Launch Falls Through
Flowcarbon, a startup specializing in carbon credits established by Adam Neumann and supported by influential names such as a16z, has made headlines with its recent actions. A report by Forbes disclosed that the company is now issuing refunds to investors following the unsuccessful launch of the Goddess Nature Token (GNT), a crypto token aimed at addressing climate change by incorporating carbon credits into the blockchain.
Initially, the startup, led by the former WeWork CEO, had envisioned utilizing GNT to direct significant capital into initiatives focused on reducing their carbon emissions. However, despite a span of two years since its inception, the token remains unreleased and appears unlikely to ever reach the market, despite raising over $70 million from a16z previously.
In response to this setback, Flowcarbon is proactively offering reimbursements to individuals who had purchased the GNT token in anticipation of its launch. Market factors and resistance from carbon registries were cited as contributing reasons for the project’s failure to launch, conveyed to investors through virtual meetings where the decision to refund was disclosed instead of indefinitely retaining the funds.
It is pertinent to note that Flowcarbon had made a foray into launching GNT in 2022, coinciding with the Terra LUNA incident, but this endeavor did not materialize as expected. CEO Dana Gibber had expressed that the company was awaiting more stable market conditions before proceeding with the launch plans.
As part of the reimbursement process for Goddess Nature Token purchasers, individuals were requested to sign a release form containing comprehensive waivers of claims against Flowcarbon and its subsidiaries, alongside agreeing to maintain confidentiality as outlined in the terms.