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Fifth Wall Closes €140 Million for Oversubscribed European Real Estate Technology Fund
Fund to Target Investments in High-Potential European Startups, Provide Co-Investing Opportunities Alongside Firm's North American Funds
LONDON, February 16, 2022-- Fifth Wall, the largest venture capital firm focused on technologies for the global real estate industry, announced that it has closed an oversubscribed €140 million for its European Real Estate Technology Fund (European Fund). Like prior Fifth Wall funds, the European Fund attracted the largest owners and developers of real estate, including Aldar Properties, Azora Capital, BNP Paribas Real Estate, Conren Tramway, DAMAC Group, Gestilar, Inmobiliaria Colonial, Ivanhoé Cambridge, Knight Frank, MERLIN Properties, MOMENI Group, NEINVER, affiliates of Northwood Investors, Pecunia, PGIM Real Estate, Pontos Group, Redevco, SEGRO, and Tramway Capital. The European Fund aims to accelerate European proptech innovation adoption, replicating the success of Fifth Wall's previous core North American Real Estate Tech funds. This brings Fifth Wall's capital under management to approximately $3.0 billion.
"We are thrilled to expand our firm into Europe as we aim to replicate Fifth Wall's position as the leading proptech investor in North America with this expansion into Europe and Israel," said Brendan Wallace, Co-Founder and Managing Partner at Fifth Wall. "The success of Fifth Wall's model is premised on identifying the leading proptech companies and accelerating their growth through Fifth Wall's global network of more than 90 strategic investors. Having so many of the leading European real estate firms supporting our European Fund will enable us to help accelerate the expansion of the proptech ecosystem in Europe and Israel."
The European Fund will target investments in high-potential European startups and will also potentially provide co-investing opportunities alongside the firm's core North American Real Estate Tech funds. Investments out of this fund will range from Series A to Series C rounds. The fund has already completed investments into fast-growing startups, including Clikalia, the leading Spanish Ibuyer platform and Gorillas, an on-demand grocery delivery company.
"We look forward to continuing our relationship with Fifth Wall through our new investment into its European Fund, following our original investment in its Fund II in 2018," said Soumen Das, Chief Financial Officer at SEGRO. "Fifth Wall's leading platform and deep market knowledge has delivered valuable insights into the PropTech market and emerging technologies."
According to PitchBook data, the European proptech market currently represents approximately 20% of all global proptech activity in 2021, including €3.8 billion of venture capital investment in over 200 deals. That is an increase of 3.5x vis-à-vis the investment levels of 2020, and more than 4x the 2019 levels. The median European proptech deal size has increased from €1.6 million in 2019 to €3.2 million in 2021.
"The value of being invested in Fifth Wall's European Real Estate Technology Fund is the early exposure to transformative proptech solutions and the guidance of the Fifth Wall team in exploring new ways to solidify Redevco's business model," said Patrick Brenninkmeijer, Business Development Director at Redevco. "The great appetite for the fund underlines the importance of technological innovation for the real estate industry and we look forward to continuing the fruitful partnership with Fifth Wall."
The European Fund, which is co-led by industry veterans Roelof Opperman and Miguel Nigorra, both based in London, offers a powerful gateway between the US and European startup communities, and a valuable network for advancing the European proptech ecosystem in Europe and beyond. The oversubscribed European Fund close comes on the heels of Fifth Wall announcing that the firm raised $1.1 Billion across its funds in 2021.
About Fifth Wall
Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.0 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 90 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
This is a marketing communication with regard to Fifth Wall's European Real Estate Technology Fund (European Fund). The European Fund had its final closing; a subscription for interests in the fund is therefore no longer possible. Investors interested in Fifth Wall and its funds should, when taking into consideration this information about the European Fund, consider that an investment in the European Fund involves a high degree of risk and is only suitable for investors who are capable of evaluating and bearing the risks it represents. There can be no assurance that the European Fund will be able to achieve its investment objectives or that investors will receive a return of their capital. Investors interested in an investment in a Fifth Wall fund should refer to the private placement memorandum of the respective fund before making any final investment decisions.
SEGRO and Redevco are currently investors in the European Fund and may have, now or in the future, other business relationships with Fifth Wall and its affiliates. Fifth Wall did not compensate SEGRO or Redevco directly or indirectly for their participation in this press release. SEGRO and Redevco may have, now or in the future, certain preferential rights in Fifth Wall funds and other strategic or business relationships with Fifth Wall or its affiliates, including preferential access to certain investment opportunities and access to other services provided by affiliates of Fifth Wall unrelated their investment in the European Fund. As a result, SEGRO's and Redevco's views with respect to Fifth Wall and the European Fund are not necessarily indicative of the views of other investors in the European Fund, including those who do not have access to such preferential rights.