[bctt tweet=”Los Angeles-based venture capital firm Fifth Wall has announced it closed a $503 million fund by bringing together mall owners, hotel companies, and office developers to invest into property technology startups. ” username=”allwork_space”]
Brokerage companies CBRE and Cushman & Wakefield both invested, as well as four major U.S. home builders. Fifth Wall has also invested into coworking firms Convene and Industrious.
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“Increasingly, real estate owners have recognized it’s very hard to do venture on your own,” said Brendan Wallace, Fifth Wall’s co-founder. “It’s better to get the right solution than it is to get a solution your peers don’t have.”
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