VC Firm Fifth Wall Plans Property Technology-Focused SPAC
(Bloomberg) -- Fifth Wall, a Los Angeles-based venture firm, is planning to raise capital through a special purpose acquisition company, a sign that the momentum behind a vehicle that became mainstream in 2020 has continued into the new year.
The firm, founded by Brad Greiwe and Brendan Wallace, selected underwriters for a blank-check company that’s set to seek out a target in the property-technology sector, said people with knowledge of the matter. A listing could occur as soon as the current quarter, one of the people said.
Julie Lydon, a Fifth Wall spokeswoman, declined to comment.
The firm, which has backed co-working companies including Industrious and Convene, raised $503 million in 2019 for its second real estate technology-focused fund. Its investors included real estate companies such as CBRE Group Inc., Cushman & Wakefield Plc, D.R. Horton Inc., Lennar Corp., PulteGroup Inc. and Toll Brothers Inc. CBRE itself raised a little over $400 million for its own SPAC, CBRE Acquisition Holdings Inc., in December.
Opendoor Technologies, which counts Fifth Wall among its earlier investors, went public last month after merging with a SPAC.
Blank-check companies that may compete against the Fifth Wall vehicle for property-technology targets include PropTech Investment Corp. II, Property Solutions Acquisition Corp. and Lionheart Acquisition Corp. II.
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