Real estate venture 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), has raised an $866 million fund, making it the largest venture fund focused on real estate technology. It already has $3.2 billion in capital under management, including raising at the end of 2022. Startup. Fifth Wall also closed a $500 million fund in early 2022 to invest in real estate climate technologies aimed at decarbonizing the real estate industry.
The new fund is important because proptech has been challenged by rising interest rates in 2022. However, the Federal Reserve's recent decision to cut interest rates has many investors expecting a rebound.
Fifth Wall's most notable exits include home sales company Opendoor, non-life insurance company Hippo Insurance, and smart home technology company SmartRent. Fifth Wall did not respond to TechCrunch's request for comment.