fifth wall

fifth wall

Fifth Wall, a Los Angeles-based venture capital group, has closed a half-billion-dollar fund to decarbonize the property industry. The new money brings the group’s total managed investments to just north of $3 billion. It will be used to “invest in anything and everything to decarbonize the real estate industry,” says Brendan Wallace, co-founder and managing partner at Fifth Wall.

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Image by Joshua Letona

The three-year-old livestream shopping platform secured over $200 million in fresh funding to expand beyond collectibles, while Marina del Rey-based Fifth Wall closed a half-billion-dollar fund aimed at companies bringing carbon neutral technology to real estate.

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Proptech-focused venture capital firm Fifth Wall has pulled the plug on its $150 million plan to take another real estate tech firm public via a special purpose acquisition company, or SPAC, a filing with the SEC revealed on Friday.

The Marina del Rey-based firm unveiled its second SPAC last March, with designs on listing the blank-check company on the Nasdaq under the ticker FWAB and issuing 15 million shares at $10 apiece. Fifth Wall tapped Wall Street banks Goldman Sachs, Citi and Deutsche Bank as joint underwriters on the deal, according to IPO research firm Renaissance Capital.

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