[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.
“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.”