Here’s the Latest on Fifth Wall’s Early-Stage Climate Tech 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.

Here’s the Latest on Fifth Wall’s Early-Stage Climate Tech Fund
fifthwall.com

Fifth Wall, the fast-growing real estate tech venture firm, revealed Monday that it has scored $140 million for its Early-Stage Climate Technology Fund. That's up from $116.8 million earlier this month, when the firm last disclosed its fundraising efforts for the climate investment vehicle in an amended SEC filing.

In December, Fifth Wall announced it had brought in prolific clean-tech investor Greg Smithies to head its efforts to "decarbonize the built world." That's when the firm went public about its plan to raise at least $200 million to invest in climate tech. The firm said today that it has brought in another partner to co-lead its climate team: Peter Gajdoš, the San Francisco-based former head of venture investments for wealth management group IPM.


Last year, Fifth Wall co-founder Brendan Wallace predicted that the real estate industry would one day become "the biggest spender on climate tech for no other reason than its contribution to the carbon problem."

Fifth Wall declined to comment publicly on the fund when reached for comment last week by dot.LA.

With backing from Montreal-based Ivanhoé Cambridge, which holds tens of billions of dollars in real-estate assets, Fifth Wall's climate fund led a $16 million investment in Sealed earlier this year alongside actor Robert Downey Jr's climate fund. Other real estate investors in Fifth Wall's climate fund include Equity Residential, Hudson Pacific Properties, Invitation Homes and Kimco Realty Corporation, Fifth Wall announced Monday.

New York-based Sealed is on "a quest to retrofit the U.S.' existing residential building stock and help them run more efficiently," Smithies wrote in June. Part of that equation involves getting homeowners aboard the heat pump train.

The technology could help American households considerably slash carbon emissions by 142 million metric tons annually, according to research released by Carbon Switch.

Sealed is one of at least three startups backed by Smithies in recent months, per the investor's LinkedIn. Others include Austin-based 3D-printed buildings startup Icon, which announced a $207 million late-August raise, and Emeryville-based pea milk company Ripple Foods. It disclosed a more than $57 million raise around the same time.


This story has been updated to include the latest fundraising figures from Fifth Wall.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

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.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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This Week in ‘Raises’: GITAI Lands $30M, Steno Gains $15M

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.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

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