First Street is a research and technology company specializing in connecting climate change to financial risk. Founded in 2016 and headquartered in New York City, the company employs between 51 and 200 individuals. Its mission is to provide transparent, peer-reviewed methodologies to model physical climate risks for every property, enabling clients—including the federal government, asset managers, and large banks—to make informed decisions about property investment, risk mitigation strategies, and climate-resilient planning.
Key Strategic Focus
First Street's strategic focus lies in enhancing its software solutions to help companies better understand how their assets will fare in a warming world. The company is developing a "correlated risk model," a software capable of calculating the chances of impacts to property portfolios from multiple hazards simultaneously. This initiative reflects the growing demand for climate risk information among financial institutions, real estate companies, and homeowners.
Financials and Funding
In July 2024, First Street raised $21 million in a Series A-1 funding round led by Innovation Endeavors. This funding is aimed at building up First Street's software solutions for companies to better understand how their assets will fare in a warming world. Over the past eight years, First Street has counted among its clients various substantial entities.
Technological Platform and Innovation
First Street employs transparent, peer-reviewed methodologies to model physical climate risks for every property. The company is launching a "correlated risk model" as a key component of its offerings.
Leadership Team
Matthew Eby serves as the Founder and CEO of First Street. Under his leadership, the company has formed partnerships with real estate websites and counts among its clients the federal government and other well-known institutions.
Competitor Profile
First Street operates in a competitive landscape with several notable companies:
- Climate Advisers: Founded in 2008 and headquartered in Washington, D.C., Climate Advisers focuses on energy and utilities, similar to First Street.
- Environmental Defense Fund: Established in 1967, this organization also operates in the energy and utilities sector, providing services that overlap with First Street's offerings.
- Ceres: Founded in 2016 and based in Boston, Massachusetts, Ceres works within the energy and utilities sector, positioning itself as a competitor to First Street.
Strategic Collaborations and Partnerships
First Street has formed partnerships with real estate websites to reveal hidden flood risks for communities. These collaborations aim to provide consumers with better information about climate risks associated with properties.
Strategic Opportunities and Future Directions
With the recent funding, First Street plans to enhance its software solutions, including the development of the "correlated risk model." This model will enable the calculation of impacts to property portfolios from multiple hazards simultaneously, positioning the company to meet the growing demand for comprehensive climate risk information.
Contact Information
- Website: firststreet.org
- LinkedIn: linkedin.com/company/first-street
