Real estate technology-focused venture capital firm Fifth Wall has raised $866m (€832m) for its Real Estate Technology Fund III, which it said is the largest-ever proptech fund.
Fifth Wall said Fund III was backed by new and existing investors across the globe, including Annaly Capital Management, Arbor Realty Trust, Bpifrance, CBRE, CFG Bank and its subsidiary Capital Funding, Cushman & Wakefield, employees of Northwood Investors, Equity Residential, Essent and Granite Properties.
Some of the other investors to commit the fund include Hines, Invitation Homes, JBG SMITH Properties, Keppel Corporation, Koch Real Estate Investments, Lineage Ventures, Meritage Homes, The Moinian Group, Move, Physicians Realty Trust and PulteGroup.
Construction management software provider Procore, which was a portfolio company of Fifth Wall’s previous fund, is also a limited partner.
Fund III comprises Fifth Wall Early Stage Ventures, an early-stage venture vehicle, focusing on startups at the seed to series-B stages, and Fifth Wall Fund III, a late-stage venture vehicle, serving companies at the growth equity or series-C stage and beyond.
Brendan Wallace, co-founder and managing partner at Fifth Wall, said: “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.
“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.”
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