Fifth Wall raises $503 mln from property owners seeking tech edge
Fifth Wall, a venture capital firm focused on real estate technology, raised $503 million from a group of 50 large U.S., European and Asian property owners who will provide a market for the start-ups and their products it invests in. Venice, California-based Fifth Wall said its real estate venture capital fund is the largest “proptech” investment pool raised to date and its investor base is the largest consortium of property owners ever assembled. Property owners have been slow to adopt technologies that use predictive analytics and sensors, for example, to slash energy consumption or increase efficiency. Fifth Wall, founded in 2017, is seeking to fill a void as functions such as data collection are increasingly being computerized. Fifth Wall invests in companies that will benefit its group of property owners, which include Gecina SA in France, Spain’s Merlin Properties and British Land Co Plc in Europe, and Mitsubishi Estate in Japan, said Brendan Wallace, a managing partner at the VC fund.
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