Company type | Limited Partnership |
---|---|
Industry | Venture Capital |
Founded | 2016 |
Headquarters | Los Angeles, California, U.S. |
Key people | Brad Greiwe, Brendan F. Wallace |
Website | fifthwall |
Fifth Wall is a venture capital firm founded in 2016 by Brendan F. Wallace and Brad Greiwe. [1] [2] [3] It manages the largest fund specialized in real estate technology [4] [5] The firm's name refers to a fifth wall of technology it provides in addition to the four physical walls of a building. [6] It is part of an emerging category of "PropTech" investors. [4] Major financial backers include large real estate industry companies that agree to be matched with the products and services of the firm's portfolio of start-up companies. [7] The firm has separate funds for investments in emerging retail brands and climate technology to help real-estate companies reduce carbon emissions from their buildings. [8] [9]
The firm was founded by Brad Greiwe and Brendan Wallace [9] Greiwe co-founded single-family home rental company Invitation Homes, which went public in 2017 with a $6.7 billion valuation; it received much mainstream attention for its business practices. [10] [11]
Wallace graduated from Princeton University with a bachelor's degree in political science and economics in 2004, and received his MBA from the Stanford Graduate School of Business in 2010. He started his career as a real estate analyst at Goldman Sachs and worked for The Blackstone Group's real estate division. He founded Identified, a workforce optimization data and analytics company, which was acquired by Workday, Inc. in 2014. [12] Wallace also co-founded Cabify, a ridesharing service in Latin America, in 2012. [13] Wallace has led investments in Lyft, SpaceX, Dollar Shave Club, Bonobos, Philz Coffee, and TriNet Zenefits. He was included on the LA500 list of the most influential business executives in 2021. [14]
Fifth Wall was formed in 2016 and announced the close of its $212 million real estate technology fund (Fund I) in May 2017. [15] [16] Wallace said that the firm identified real estate technology as an underserved investment niche because the industry has traditionally used very little technology and was therefore open to disruption. [17]
In July 2019, the firm announced the close of its second real estate technology fund, or Fund II, which closed at $503 million. While Fund I was raised from nine investors in the US only; Fund II consisted of a global investor base from over 50 investors from 11 countries. [18] The fund's investors included CBRE Group, Cushman & Wakefield, Equity Residential, Gecina, Merlin Properties, Mitsubishi Estate, British Land, Prologis and Segro. [5] Fund II invested in a number of companies, but was focused on business-to-business enterprises such as the California-based Cobalt Robotics. [19]
As of February 2020, the firm managed over $1.1 billion in assets. [20] [21] In 2021, Fifth Wall announced that it had raised more than $1.1 billion [22] across its funds and had a global investor base of over 90 investors. [23] In addition, several large real estate investors announced their investments into the firm's Climate Tech Fund, including Equity Residential, Hudson Pacific Properties, Invitation Homes, and Ivanhoé Cambridge. [24] "Real estate is kind of this massive industry when it comes to climate change, but at the same time we haven't seen the industry commit a significant amount of capital to the tech that's required to decarbonize it," Wallace said. [24]
In 2022, Fifth Wall announced its inaugural "Climate Tech Fund," [25] a sustainability venture fund investing in technologies that would decarbonize the real estate industry, which drives an estimated 39% of global emissions. [26] The fund is focused on technologies related to energy efficiency, water reuse, decarbonization, climate resilience and risk management. [27] The firm closed its climate fund with $500 million in commitments to invest in companies which decarbonize the real estate industry. This fund brought the firm's assets under management to over $3.2 billion. [20] The firm's limited partners include Camden Property Trust, Hilton, Host Hotels & Resorts, Marriott, Koch Industries, Starwood Capital Group, Lowe's and MGM Resorts International. [28] [29]
Fifth Wall's portfolio companies include Blend, ClassPass, Clutter, Doma [30] (FKA States Title), Hippo, Homebound, Industrious, Lime, Opendoor, Procore, SmartRent and VTS. [31] The firm has also invested in Allbirds, Carbon38, Cotopaxi, Foxtrot, Heyday, Interior Define, Madison Reed, Taft and Untuckit. [32] The firm's climate fund has invested in companies such as Turntide Technologies, Assembly OSM, Brimstone, Clarity AI, ICON, Sealed, SPAN, and Wildcat Discovery Technologies. [33]
Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneurs in over 900 ventures, including America Online, Amazon.com, Tandem Computers, Compaq, Electronic Arts, JD.com, Square, Genentech, Google, Netscape, Sun Microsystems, Nest, Palo Alto Networks, Synack, Snap, AppDynamics, and Twitter. By 2019 it had raised around $9 billion in 19 venture capital funds and four growth funds.
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.
Founders Fund is a San Francisco based venture capital firm formed in 2005 and has roughly $12 billion in total assets under management as of 2023. Founders Fund was the first institutional investor in Space Exploration Technologies (SpaceX) and Palantir Technologies, and early investor in Facebook. The firm's partners have been founders, early employees and investors at companies including PayPal, Palantir Technologies, Anduril Industries and SpaceX.
Khosla Ventures is an American venture capital firm founded by Vinod Khosla, focused on early-stage companies in the Internet, computing, mobile, financial services, agriculture, healthcare and clean technology sectors. Some of its most successful investments include Affirm, DoorDash, Square, Impossible Foods, Instacart, and OpenAI.
Index Ventures is a European venture capital firm with dual headquarters in San Francisco and London, investing in technology-enabled companies with a focus on e-commerce, fintech, mobility, gaming, infrastructure/AI, and security. Since its founding in 1996, the firm has invested in a number of companies and raised approximately $5.6 billion. Index Venture partners appear frequently on Forbes’ Midas List of the top tech investors in Europe and Israel.
Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional operating funds in London, India and China.
Norwest Venture Partners (Norwest) is an American venture and growth equity investment firm. The firm targets early to late-stage venture and growth equity investments across several sectors, including cloud computing and information technology, Internet, SaaS, business and financial services, and healthcare. Headquartered in Menlo Park, California, Norwest has offices in San Francisco and subsidiaries in Mumbai, India and Tel Aviv, Israel. The firm has funded more than 700 companies since inception.
Insight Partners is a global venture capital and private equity firm that invests in high-growth technology, software, and Internet businesses. The company is headquartered in New York City, with offices in London, Tel Aviv, and Palo Alto.
Lightspeed Venture Partners is a global venture capital firm focusing on seed stage, early stage investments and growth stage investments in the enterprise, fintech, consumer and healthcare sectors. Lightspeed has eleven offices globally and as of 2023 had approximately US$25 billion in assets under management.
Greycroft LP is an American venture capital firm. It manages over $2 billion in capital with investments in companies such as Bird, Bumble, HuffPost, Goop, Scopely, The RealReal, and Venmo. Greycroft was founded in 2006 by Alan Patricof, Dana Settle, and Ian Sigalow. The firm is headquartered in New York City and Los Angeles.
Riverstone Holdings is a multinational private equity firm based in New York City focused on leveraged buyout, growth capital, and credit investments in the energy industry and electrical power industry sectors. The firm focuses on oil and gas exploration, midstream pipelines, electricity generation, energy and power services, energy and power technology, and renewable energy infrastructure and technology. Riverstone has raised approximately $41 billion since the firm's inception in 2000.
Andreessen Horowitz is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California. As of April 2023, Andreessen Horowitz ranks first on the list of venture capital firms by assets under management, with $42 billion as of May 2024.
Hillhouse Investment is a global private equity firm with an East Asian heritage. Hillhouse was founded by Lei Zhang in 2005 with initial seed capital from the Yale University endowment and invests across East Asia, Southeast Asia, North America, and Europe. Hillhouse has Asian offices in Singapore, Hong Kong, Beijing and Shanghai with additional international offices in New York City and London.
Sapphire Ventures is a venture capital firm with offices in Menlo Park, San Francisco, Austin, and London. The firm is considered one of the world's premier venture capital firms.
CDH Investments is a major Chinese alternative asset management firm based in Beijing, China. It specializes in private equity, venture capital and credit products. CDH invests across a range of sectors and regions. As of March 2015, CDH manages over RMB 100 billion of investor capital across its various investment platforms.
Property technology is used to refer to the application of information technology and platform economics to the real estate industry. Property technology overlaps with financial technology, including uses like online payment and booking systems. Grammatically, the portmanteau "proptech" is formed from two common nouns: "property" and "technology." As such, capitalizing it is grammatically incorrect.
Eldridge Industries LLC is an American holding company headquartered in Greenwich, Connecticut, with offices in New York City, London, and Beverly Hills. Eldridge makes investments in various industries including insurance, asset management, technology, sports, media, real estate, and the consumer sector.
HomeLight is a real estate technology company founded in San Francisco, CA and based in Scottsdale, AZ.
The Climate Pledge Fund is a division of Amazon, set up to develop and manage investments in the climate technology space, as part of its Climate Pledge initiative. It is a corporate venture capital fund.
Brendan F. Wallace is an American businessman and investor. He is cofounder and managing partner of the venture capital firm Fifth Wall. He also cofounded career networking platform Identified, Inc. and the ridesharing service Cabify, and currently sits on Cabify's board of advisors.