Guess who’s back with a brand new act?
He is the infamous founder of WeWork, just raised $70M for his new Web3 startup!
Whether you hate or love him, he has been through quite a lot over the years.
From burning through cash like no tomorrow, fabled tales with Masayoshi Son, crazy bare-foot walking on the streets of New York, lots of conspiracies over self-dealing, extravagant parties on private jets, weed smoking antics and an eventual IPO, Adam has seen it all.
Heck he even has a movie on Apple TV called WeCrashed portrayed by Jared Leto, starring alongside Anne Hathaway as Rebekah Neumann.
Few men can truly say they have it all like Adam did.
After WeWork, he received a $445M payout in exit package ($245M in stock and $200M in cash).
He started focussing on his family office, 166 2nd Financial Services (which manages $700M) and making investments.
Particularly in the sustainability and climate space.
Notably, he was a very strong supporter of KlimaDAO, a decentralized and open market for carbon, where they sell bonds and distributes rewards to KLIMA holders.
Don’t ask me to explain in detail how it works, I can’t.
Possibly no one can.
Its decentralised web3 blockchain carbon credit bonds thingamajig.
Live with it.
Perhaps that inspired him to his new startup:
Flowcarbon, a blockchain-enabled carbon credit trading platform, is his latest handiwork.
“The company aims to tap into the growing market for carbon credits companies buy to offset their greenhouse gas emissions as the world transitions to a low-carbon economy in the fight against climate change.”
Flowcarbon raised $32M from a16z, General Catalyst and Samsung Next.
Another $38M was raised via sale of their token — the Goddess Nature Token (GNT).
Stop laughing at the name.
In cryptoland, there are coins like GayCoin, StopTrumpCoin, Scamcoin, Groincoin, Useless and LuckyCoin.
Each GNT is “backed by a parcel of certified carbon credits from nature-based projects over the last five years”.
That’s a total of $70M raised for a startup barely a few months old.
I love how Adam is getting deep into the intersection of sustainability and web3.
Question I have is, can you re-trust a founder who made bad calls and has allegedly done so many iffy things in the past?
It may be in the past and people do make errors and bad calls, but at that level of ridiculous-ness and all that fall-out, it does raise some questions no?
He did do some serious damage and employees’ lives were ruined.
There is no smoke without fire.
Do we forgive and forget?
Should we be objective and ignore the founder’s past?
If we do hold them accountable, where does it end?
Whatever it is, I still find it amazing that investors can still muster the courage to trust him after all that WeWork mashugana.
Adam is a terrific snake charmer and his ability to raise funds is a superpower few have.
Hey if there is money to be made, you bet someone will be there to make it.
Would you invest in Adam’s new startup Flowcarbon?
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #bitcoin #adamneumann #branding #wework #flowcarbon #vc #web3
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