Real estate industry technology VC Fifth Wall announced the final close of its Real Estate Technology Fund III. The total brought in of $866 million, combined with the $147 million European Real Estate Technology Fund that closed in February, makes just over $1 billion.
For comparison, Fifth Walls' second technology fund closed in 2019 with $503 million in commitments. The firm also has portfolios in climate technology and retail.
As the Wall Street Journal notes, this is an uncertain and difficult time for commercial real estate, which means they have less money for technology and, so, there are challenges for proptech.
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