Real estate venture capital firm Fifth Wall is raising a new $500 million fund called Fifth Wall React, according to a regulatory filing.
The eight-year-old company, led by co-founder and CEO Brendan Wallace (pictured), already manages $3.2 billion in capital, including raising a $866 million As of late 2022, it was the largest venture capital fund focused on real estate technology startups. The Fifth Wall also closed a $500 million fund earlier in 2022 to invest in climate real estate technology that aims to decarbonize the real estate sector.
The new fund is important because proptech has been called into question after interest rates rose in 2022. However, the recent decision by the US Federal Reserve to cut rates has led many investors to anticipate a rebound.
Fifth Wall's biggest exits include home seller Opendoor, property insurance Hippo Insurance and smart home technology SmartRent. Fifth Wall did not respond to TechCrunch's request for comment.
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