Fifth Wall Ventures

Fifth Wall Ventures

Fifth Wall Ventures, founded in 2016, is a venture capital firm focused exclusively on real estate technology.

Fifth Wall Ventures, founded in 2016, is a venture capital firm focused exclusively on real estate technology. As of 2017, Fifth Wall Ventures had raised $212 million.

History

The firm was founded by Brad Greiwe and Brendan Wallace. Greiwe co-founded single-family home rental company Invitation Homes, which went public in 2017 with a $6.7 billion valuation. Wallace started his career as a real estate analyst at Goldman Sachs and worked for The Blackstone Group's real estate division. He also founded Identified (company) and co-founded Cabify. Greiwe met Wallace through Blackstone, which was the only investor in Invitation Homes. The two began investing by forming special purpose vehicles.

Funding

Fifth Wall Ventures was formed in 2016 with capital commitments of more than $20 million. The firm announced a $221 million fund in May 2017. About half of Fifth Wall’s $240 million in funding comes from strategic real estate industry partners. These include CBRE Group, the largest commercial real estate services and investment firm in the world; Prologis, the largest industrial REIT in the world; Equity Residential, the largest owner of apartments in the US; Lennar Corporation, the second largest homebuilder in the country, Macerich, a mall operator; Lowe's, the home improvement chain; Host Hotels & Resorts; and the office developer Hines.

Investments

As of May 2017, Fifth Wall had invested roughly $70 million dollars in half a dozen companies, including portfolio management software company VTS, home-selling platform Opendoor, title insurance startup States Title, and storage provider Clutter. Other investments include ClassPass (a reservation app for fitness classes); B8ta (technology retailer) and Notarize (online notary software). The fund’s biggest holding as of May 2017 was OpenDoor, which has raised almost $320 million.

Startup accelerator program

The company expanded into early stage investing in July 2017 with an startup accelerator program. While its main fund is reserved for companies with existing large real estate clients, the accelerator invests in companies with valuations under $25 million, making investments between $500,000 and $1 million. The program is virtual, consisting of weekly calls with investment staff and introductions to potential corporate partners. The accelerator is also investing in companies that will be of the most use to its strategic real estate backers. The program ends with a demo day for potential co-investors.

Timeline

July 17, 2019

Fifth Wall Ventures raises $503m for its second fund.

The fund will be used to invest in real estate technology.

Funded Companies

Company
Description
Website
Industry
Location

A company offering a platform for booking 4-5 star hotels that allows customers to only pay for the time they need.

Lime is a mobile platform that allows users to unlock its fleet of shared bikes and scooters.

Enertiv is a machine learning company founded by Connell McGill.

Appear Here is a real estate company.

Lyric is an online platform for managing short term rentals.

A company offering a shipping logistics platform.

A company offering a platform for buying, selling, and renting real estate in Brazil.

Blueprint Power is a Manhattan-based company.

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Associated investment funds

Investment Fund
Total offering (USD)
Total sold (USD)
Location
Date signed
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People

Name
Role
LinkedIn

Andriy Mykhaylovskyy

Managing Partner, COO

Brad Greiwe

Cofounder, Managing Partner

Brendan Wallace

Cofounder, Managing Partner

Further reading

Title
Author
Link
Type
Date

Fifth Wall Ventures Raises $503M To Invest In Real Estate Tech

Web

July 17, 2019

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

Appear Here

B8ta

Blend (company)

Clutter (company)

Eden (company)

Enertiv

Ethos (company)

Foxtrot (company)

Harbor (company)

Hippo (company)

Industrious (company)

Interior Define

Lime (company)

Lyric (company)

Notarize (company)

Opendoor

States Title

VTS

Wiredscore

News

Title0
Author0
Date0
Publisher0
Description0
Connie Loizos
February 26, 2020
TechCrunch
Fifth Wall Ventures, a four-year-old, the L.A.-based, real-estate focused venture firm, has just closed a $100 million vehicle called that it's calling its "retail fund." The vehicle comes hot on the heels of a $212 million debut fund that Fifth Wall closed in 2017, which was itself soon followed by a second, $503 million flagship [...]
Connie Loizos
August 13, 2019
TechCrunch
Brick & Mortar Ventures, a young, San Francisco-based venture firm that's focused on startups innovating in or around architecture, engineering, construction and facilities management, has closed with $97.2 million in capital commitments. The fund is one in a sea of debut funds that have swung open their doors in recent years, though it's also interesting [...]

References

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