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Laxman Pai, Opalesque Asia: Fifth Wall, the largest venture capital (VC) firm focused on technology for the global real estate industry, has raised $866 million for its latest proptech fund - Real Estate Technology Fund III.
Backed by a long list of investors, including CBRE, Cushman & Wakefield, Hines, and the Moinian Group, Fund III is Fifth Wall's third fund close this year.
The firm raised $147m for the European Real Estate Technology Fund in February and $500m for the Climate Fund in July.
A media release from the Los Angeles-headquartered firm specializing in real estate technology, Fund III not only marks the largest property technology (PropTech) fund in history-succeeding the firm's Fund I and Fund II which were each respectively the largest PropTech funds at closing-it also represents Fifth Wall's first hybrid fund, comprised of both early-stage and late-stage vehicles.
"When we started Fifth Wall in 2016, PropTech was not yet a term. Since then we believe that we played an intrinsic role in the ecosystem's evolution and continue to propel it forward not only via capital but industry awareness and strategic collaboration between our startups and real estate limited partners," said Brendan Wallace, Co-Founder & Managing Partner, Fifth Wall.
"It's the natural next step that we'd expand the aperture, deploying two vehicles that enable us to invest from seed to IPO. It signifies our commitment to the ecosystem as it navigates the next wave," Brenda...................... To view our full article Click here
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