Fifth Wall, the venture firm focused on real estate technology, has just announced that big real estate is putting $140 million into a climate tech fund to help decarbonize the sector.
According to the news, the funding round includes some of the industry’s largest plavers keen to back net-zero carbon efforts. A few of the firms Firth Wall mentions are Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoe Cambridge, to name a few.
This new fund aims to raise $500 million for investments in mainly early-stage startups. Fifth Wall says it’s time for the industry to start playing a positive role by committing expertise, capital, and establishing a positive environment for change. Brendan Wallace, co-founder and managing partner of Fifth Wall was quoted saying:
"Many real estate firms simply talk about their commitments to sustainability and decarbonization. However, it's inspiring to see organizations like Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoé Cambridge, and Kimco back up their sustainability commitments with such significant investments into the climate technology needed to decarbonize the industry through their participation in Fifth Wall's Climate Tech Fund.”
So far, Fifth Wall’s Climate Tech Fund has invested in ICON, Sealed, and Turntide Technologies. The firm also announce bringing on board Peter Gajdoš as a Partner and will co-lead the Climate Tech Investment team. He brings experience from being the Head of Venture Capital at IPM Group and Managing Director and Portfolio Manager at Presidio Partners, where he focused on venture and growth investments in climate tech and biotech.
Fifth Wall's Climate Tech Fund will be the largest pool of capital ever assembled to invest in the technologies to decarbonize the $9 trillion real estate industry, which is responsible for 40% of all greenhouse gas emissions globally.