Fifth Wall, the largest venture capital firm focused on real estate technology, has partnered with BNP Paribas Real Estate to launch its business in Europe with the Fifth Wall Real Estate Technology European Fund, its first European proptech fund. The California-based company founded in 2016 has over $1.2 billion under management, raised from industry stakeholders via several funds.
The launch of the Fund in Europe is an important next step for Fifth Wall and follows on from its success in the North American market, offering a gateway for European firms to the US and further afield.
The Fund aims mainly to identify and invest in the most promising European proptech startups and to accelerate European real estate innovation adoption, replicating the success with Fifth Wall’s prior funds, which were focused on investing primarily in US-based startups.
The public health crisis has acted as an accelerator for pre-COVID-19 trends, including digitalisation, the low carbon economy and agile working, all areas where BNP believes tech solutions are pivotal in driving this forward.
The investment in the Fund is being financed via BNP Paribas Group’s dedicated venture capital fund, Opera Tech Ventures, which will be one of several key partners and main investors in the Fund.
The partnership with Fifth Wall will allow BNP Paribas Real Estate to identify innovative tech solutions and partners that will enable it to assist its clients more effectively. It will help to strengthen its existing culture of innovation and support the development of better built environments, while also improve management of buildings and help to enhance the user experience.
As part of their team-up, BNP Paribas Real Estate and Fifth Wall will also look for opportunities to potentially co-invest in innovative solutions and explore potential commercial partnerships.
As part of the partnership, Fifth Wall will offer strategic support to BNP Paribas Real Estate that will further enhance its tech credentials.
In addition to the two firms’ commitment to tech, ESG is another aspect important to both businesses. Fifth Wall has been certified as a B Corp, a standard for companies meeting the highest standards of verified social and environmental performance.
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