Adam Neumann’s Climate startup quietly repays investors: report

Flowcarbon cited market conditions and resistance from carbon registries as reasons for the refund, according to people familiar with the situation who spoke to Forbes. Customers were also asked to sign a release that included a waiver of claims against the company and its affiliates, according to the report.

Flowcarbon representatives did not immediately respond to a request for comment from Business Insider outside normal business hours.

However, the company told Forbes: “It is well known that since last year we have been offering refunds to retail GNT buyers due to industry delays on standard and customary terms as we continue to grow Flowcarbon as a leader in carbon finance.”

Neumann’s association has secured millions of dollars in funding from investors since its inception, including 70 million dollars in a funding round led by venture capital firm Andreessen Horowitz.

However, experts have expressed concern that simply simplifying the buying and selling of credits would not do much to solve the underlying climate problems.

Flowcarbon is not the only new project of the former WeWork CEO. In 2022, Neumann announced that he was starting a new company called Flow to turn the home into an apartment. Andreessen Horowitz also invested $350 million in the project – its single biggest investment ever.

The startup has already hit a snag with its 358-unit apartment complex in Nashville.

Neumann also tried to buy back WeWork, his former companywhich emerged from bankruptcy in May for more than $500 million. The former CEO has been trying to regain control of WeWork since parting ways with him five years ago.