Fifth Wall Ventures, a venture-capital agency, plans to lift a formidable $500 million for a brand new fund, the Fifth Wall REACT Fund, based on a brand new regulatory submitting on Wednesday.
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Fifth Wall Ventures, a venture-capital agency, plans to lift a formidable $500 million for a brand new fund, the Fifth Wall REACT Fund, based on 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 biggest 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 geared toward decarbonizing the property business. The agency believes that decarbonizing actual property “is one of the most important ethical imperatives and economic opportunities of our lifetime,” based on the corporate’s web site.
Shortly after its founding in 2016, the agency raised $212 million from main business gamers to assist startups that supply merchandise to assist buyers develop their companies.
The brand new Fifth Wall React fund comes because the proptech business navigates challenges stemming from rising rates of interest in 2022. This yr, the Federal Reserve raised charges to their highest ranges in over 20 years, though latest reductions have sparked renewed investor optimism.
In a 2023 interview with Inman, Wallace emphasised the rising significance of proptech, noting the concept that operators and builders may overlook technological developments is now not tenable.
Fifth Wall’s notable exits embody corporations resembling the house vendor Opendoor, property insurance coverage Hippo Insurance coverage and good residence tech SmartRent, TechCrunch reported.
