Global investors have backed Fifth Wall to raise over half a billion dollars for its second property-technology fund, an amount which more than doubles the predecessor fund.
The real estate technologies focused venture capital firm said the proptech Fund II raised $503m (€448.6m), exceeding the $212m raised in May 2017 for the predecessor fund.
Unlike the first fund which raised capital from nine US strategic real estate investors, Fund II attracted strong global investor interest from over 50 corporate strategic investors from 11 countries, the manager said.
Brendan Wallace, co-founder and managing partner at Fifth Wall, said: “As the real estate and technology industries increasingly converge, Fifth Wall has become central to that convergence, fostering a level of strategic collaboration that has never before characterized the real estate industry.
“Fifth Wall sees powerful network effects in our unique fund model as it becomes a centralised platform for the world’s largest real estate companies to share insights and access new technologies to enhance their businesses.”