Fifth Wall Ventures, a venture-capital agency, plans to boost a formidable $500 million for a brand new fund, the Fifth Wall REACT Fund, in keeping with a brand new regulatory submitting on Wednesday.
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Fifth Wall Ventures, a venture-capital agency, plans to boost a formidable $500 million for a brand new fund, the Fifth Wall REACT Fund, in keeping with a regulatory submitting on Wednesday.
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Fifth Wall, referred to as “the largest venture capital firm focused on technology for the global real estate industry,” oversees $3.2 billion in capital, together with an $866 million fund raised in 2022 — the most important enterprise fund devoted to actual property tech startups, TechCrunch reported.
Earlier that yr, the agency, beneath the management of CEO Brendan Wallace, closed on a $500 million local weather fund aimed toward decarbonizing the property trade. The agency believes that decarbonizing actual property “is one of the most important ethical imperatives and economic opportunities of our lifetime,” in keeping with the corporate’s web site.
Shortly after its founding in 2016, the agency raised $212 million from main trade gamers to help startups that supply merchandise to assist buyers develop their companies.
The brand new Fifth Wall React fund comes because the proptech trade navigates challenges stemming from rising rates of interest in 2022. This yr, the Federal Reserve raised charges to their highest ranges in over twenty years, though current reductions have sparked renewed investor optimism.
In a 2023 interview with Inman, Wallace emphasised the rising significance of proptech, noting the concept operators and builders might overlook technological developments is not tenable.
Fifth Wall’s notable exits embody firms similar to the house vendor Opendoor, property insurance coverage Hippo Insurance coverage and sensible house tech SmartRent, TechCrunch reported.
