Fifth Wall closes record-breaking proptech fund at nearly $1b

Fifth Wall, the largest venture capital firm focused on technology for the global real estate industry, has completed the final closing of its Real Estate Technology Fund III.

The fund raised $866 million of equity commitments, representing the largest proptech fund in history and bringing the firm’s total capital raised toward proptech investment to more than $1 billion throughout the past year.

Commitments came from both new and existing investors across the globe, including Annaly Capital Management, Arbor Realty Trust, bpifrance, CBRE, CFG Bank, Cushman & Wakefield, employees of Northwood Investors, Hines, Invitation Homes, JBG SMITH Properties, Keppel Corp. and Koch Real Estate Investments, among numerous others. Procore, a provider of construction management software, also invested in Fund III, representing the first time that a prior fund’s portfolio company has invested as a limited partner. With the support of Fund III limited partners, Fifth Wall now