First Street Foundation
Overview
First Street Foundation is a non-profit research organization dedicated to defining and communicating the risks posed by climate change, particularly those related to flooding, wildfire, and other natural disasters. Founded in 2016 by Matthew Eby, the organization is headquartered in Brooklyn, New York. As of its latest funding round in July 2024, the Foundation raised $46 million, led by Innovation Endeavors. Through its various initiatives and platforms, such as the Flood Factor, First Street Foundation aims to provide transparent, peer-reviewed scientific data to inform the public, government agencies, and industry stakeholders.
Recent Developments
- July 2024: First Street Foundation closed a Series A funding round of $46 million to enhance its existing models and expand their applications. This round was led by Innovation Endeavors and marked a significant boost in resources for the Foundation.
- March 2024: The organization launched Risk Factor Pro, a premium data service aimed at commercial real estate sectors, developed in collaboration with the Urban Land Institute (ULI). This tool offers a detailed analysis of climate risks at a granular level and provides substantial discounts to ULI members.
- February 2023: In partnership with Arup, First Street Foundation released the "7th National Risk Assessment: Worsening Winds," identifying 13.4 million properties newly exposed to hurricane-related wind risks due to climate change.
- Mid-2023: The Foundation introduced enhancements to its Wind Model, incorporating synthetic storm tracks to better predict major hurricane landfalls, particularly along the US East Coast.
- 2023: The collaboration with Fathom on producing Flood Factor gained recognition in major publications and demonstrated that nearly six million properties face high flood risks not accounted for in federal mapping.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2016 |
| Headquarters | Brooklyn, New York, USA |
| Founders | Matthew Eby |
| Revenue | Not publicly disclosed |
| Profits | Non-profit entity, not applicable |
| Key Investors | Innovation Endeavors, among others |
| Industry | Climate Risk Analysis and Non-Profit Research |
| Number of Employees | Approximately 50 |
Early History
First Street Foundation originated from Matthew Eby’s vision to improve public awareness and understanding of climate risks across the United States. Initially focusing on flood risk through its Flood Factor platform, the Foundation aimed to bring sophisticated climate risk models to a broader audience. By partnering with leading researchers and utilizing cutting-edge data analytics, the organization quickly positioned itself at the forefront of climate change impact assessments. Early success in providing accessible risk information led to an expansion of their modeling capabilities to include wildfire and wind risk factors.
Company Profile and Achievements
First Street Foundation operates as a pivotal entity in climate risk modeling, offering insights that are indispensable for strategic planning in sectors ranging from insurance to real estate. Notable milestones include:
- 2016: Establishment and launch of Flood Factor, providing detailed flood risk information on a property-specific basis.
- 2020: The Foundation expanded its modeling capabilities to include wildfire and extreme weather events, responding to increasing climate variability concerns.
- 2021-2023: Achieved strategic collaborations with educational and governmental institutions to enhance data accuracy and application scope.
- 2023: Recognition in publications such as The New York Times and The Wall Street Journal as a leading authority in identifying and communicating natural disaster risks.
Current Operations and Market Position
First Street Foundation currently leads the non-profit sector in climate risk analysis through its free and subscription-based services, like Risk Factor. With its models integrated into platforms like Realtor.com, the Foundation impacts real estate, insurance, and policy-making decisions nationwide. Although officially a non-profit, First Street interacts heavily with private sectors to help dynamically shape market vulnerabilities and operational readiness to climate impacts, often competing with and outperforming similar market-driven entities due to its unique open-data philosophy and comprehensive risk models.
Conclusion
First Street Foundation stands as a critical resource in advancing the understanding of climate change's geographical and economic impacts across the United States. By coupling scientific research with technology, the Foundation bridges the gap between complex data and actionable information for individuals and entities alike. As climate threats continue to intensify, the Foundation's ongoing work is likely to play an increasingly central role in shaping adaptive and resilient strategies for floods, wildfires, and extreme weather events. With consistent support from investors and collaborators, its future initiatives promise to expand its impact and reach effectively.