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

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

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.

Subscribe to our newsletter to catch every headline.

Cadence

Despite — or in many cases because of — the raging pandemic, 2020 was a great year for many tech startups. It turned out to be an ideal time to be in the video game business, developing a streaming ecommerce platform for Gen Z, or helping restaurants with their online ordering.

But which companies in Southern California had the best year? That is highly subjective of course. But in an attempt to highlight who's hot, we asked dozens of the region's top VCs to weigh in.

We wanted to know what companies they wish they would have invested in if they could go back and do it all over again.

Read more Show less
Ben Bergman

Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.

https://twitter.com/thebenbergman
ben@dot.la

Pejman Nozad, a founding managing partner at Pear VC, joins this episode of LA Venture to discuss Pear VC's current initiatives, including its accelerator and fellowships. He's seen as one of the most successful angel investors in the area, and for good reason: he has made more than 300 investments in his lifetime.

Read more Show less
Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
RELATEDTRENDING
LA TECH JOBS
interchangeLA