Fifth Wall closes climate fund focused on technology

Fifth Wall, the largest venture-capital firm focused on technology for the global real estate industry, has closed its inaugural Climate Fund at $500 million, bringing the firm’s capital under management to $3.2 billion.

The fund will specifically invest in software, hardware, renewable-energy, energy-storage, smart buildings and carbon sequestration technologies.

Fifth Wall said it is the largest private fund formed to decarbonize the $10.5 trillion real estate industry, which emits roughly 40 percent of total global greenhouse gasses. Despite being a large contributor to emissions, the real estate industry has only invested an estimated $94.6 million into climate technology R&D over the past decade. The vehicle represents the first time the largest owners and operators of real estate globally, as well as stakeholders in the energy sector, have teamed up to invest into the climate technology required to reduce the industry’s carbon footprint.

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