Fifth Wall Ventures, a venture-capital firm, is set to raise an impressive $500 million for a new fund, the Fifth Wall REACT Fund, as per a recent regulatory filing on Wednesday.
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Fifth Wall Ventures, a venture-capital firm, is aiming to raise an impressive $500 million for a new fund, the Fifth Wall REACT Fund, as per a regulatory filing on Wednesday.
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Fifth Wall, known as “the largest venture capital firm focused on technology for the global real estate industry,” manages $3.2 billion in capital, including an $866 million fund raised in 2022 — the largest venture fund dedicated to real estate tech startups, TechCrunch reported.
Earlier that year, under the leadership of CEO Brendan Wallace, the firm closed a $500 million climate fund aimed at decarbonizing the property industry. The firm believes that decarbonizing real estate “is one of the most important ethical imperatives and economic opportunities of our lifetime,” according to the company’s website.
Shortly after its founding in 2016, the firm raised $212 million from major industry players to support startups that offer products to help investors grow their businesses.
The new Fifth Wall React fund is being introduced at a time when the proptech industry faces challenges due to rising interest rates in 2022. Despite this, recent rate reductions have sparked renewed investor optimism.
In a 2023 interview with Inman, Wallace highlighted the increasing importance of proptech, emphasizing that ignoring technological advancements is no longer viable for operators and developers.
Fifth Wall has had significant exits with companies like the home seller Opendoor, property insurance Hippo Insurance, and smart home tech SmartRent, TechCrunch reported.
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