Proptech Investor Fifth Wall Raises $159 Million For Its First European Fund

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Proptech Investor Fifth Wall Raises $159 Million For Its First European Fund
Image courtesy of Fifth Wall

Fifth Wall—the Marina del Rey-based venture capital firm focused on real estate technology, also known as proptech—unveiled its first fund dedicated to the European market on Wednesday.


The venture firm said it had raised €140 million, or more than $159 million, for the oversubscribed fund, which will invest in proptech companies based in Europe and Israel. Fifth Wall noted that the investment vehicle, which will target Series A to Series C funding rounds, has already cut checks to startups including Madrid-based real estate platform Clikalia and Berlin-based grocery delivery company Gorillas.

The European fund is co-led by Fifth Wall partners Roelof Opperman and Miguel Nigorra, both of whom are based in London. The fund’s limited partners include institutional real estate investors like Ivanhoé Cambridge, Aldar Properties and PGIM Real Estate. (Disclosure: Brendan Wallace, Fifth Wall’s co-founder and managing partner, is an investor in dot.LA.)

With the new fund, Fifth Wall said it now manages approximately $3 billion in capital. Last year, the firm secured $1.1 billion across its funds, including $140 million for an early-stage fund focused on climate tech. The venture firm established itself as a certified B Corporation in 2020, signaling a commitment to social and environmental standards—though its LPs include Koch Industries and News Corp, two companies known for promoting climate-change denialism.

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Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

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