Venture capital firm Fifth Wall has closed its latest property technology (proptech) fund, Real Estate Technology Fund III, at $866 million.
Fifth Wall said this marks the largest proptech fund in history and it represents its first hybrid fund, comprised of both early-stage and late-stage vehicles.
Following its $147 million (€140m) European Real Estate Technology Fund, which closed in February, this brings the firm’s total capital raised toward property technology (PropTech) investment to more than $1 billion over the last year, the company 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,” 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,” he added.
Fifth Wall’s Fund III refers to two discrete vehicles. Fifth Wall Early Stage Ventures, L.P. represents its early-stage venture vehicle, focusing on startups at the seed to series B stage, while Fifth Wall Fund III, L.P. denotes the firm’s late-stage venture vehicle, serving companies at the growth equity or series C stage and beyond.
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