Upward

Upward is a specialized launchpad and accelerator program dedicated to fostering innovation in the decarbonization of the real estate industry. Established as a joint venture between Fifth Wall, a prominent venture capital firm focused on the built world, and the New York State Energy Research and Development Authority (NYSERDA), Upward aims to fast-track startups developing solutions for a more sustainable built environment. Its strategic location in New York City, combined with the backing of a state energy agency and a leading real estate tech VC, positions it uniquely to address the significant challenge of reducing carbon emissions from buildings.

The program functions as a critical bridge between early-stage climate tech startups and the vast real estate sector. Upward's core mission revolves around identifying and nurturing companies that can deliver tangible impacts on energy efficiency, renewable energy integration, and sustainable building materials within the real estate ecosystem. By leveraging the industry expertise of Fifth Wall and NYSERDA's commitment to clean energy initiatives, Upward provides selected startups with not only capital but also strategic guidance, mentorship, and access to a network of real estate stakeholders, facilitating pilot projects and market adoption.

Upward's funding model is designed to provide substantial initial support to its participants. The program is structured to support up to 10 startups in its initial cohort, drawing from a total funding pool of up to $2 million, split equally between NYSERDA and Fifth Wall. Each selected startup can receive up to $200,000 in non-dilutive funding directly from NYSERDA, which is a significant advantage for early-stage companies as it does not require equity in return. Additionally, these startups have the opportunity to secure up to an additional $200,000 in matching investment from Fifth Wall, contingent on their ability to raise further capital. This combined potential of up to $400,000 per startup underscores Upward's commitment to providing robust financial backing alongside its accelerator services.

The strategic collaboration behind Upward is poised to significantly impact the decarbonization efforts within the real estate sector, particularly in New York State. By focusing on practical, scalable solutions, Upward aims to accelerate the deployment of technologies that can reduce the carbon footprint of buildings, which are major contributors to greenhouse gas emissions. The program's blend of non-dilutive grants and potential equity investment, coupled with strong industry connections, creates a compelling proposition for startups looking to make a meaningful difference in climate change mitigation through the built environment.