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Fifth Wall Ventures’s new $100 million “retail” fund aims to back online brands that need real world space

Fifth Wall Ventures, a four-year-old, the L.A.-based, real-estate focused venture firm, has just closed a $100 million vehicle called that it’s calling its “retail fund.” The vehicle comes hot on the heels of a $212 million debut fund that Fifth Wall closed in 2017, which was itself soon followed by a second, $503 million flagship fund. The firm is also reportedly raising a $200 million carbon impact fund.
So why raise more money via this separate pool? What does the Fifth Wall even mean by “retail”?
We’d talked with firm cofounder Brendan Wallace a couple of weeks ago about the opportunity the firm sees. As Wallace said then, there are growing number of venture-backed e-commerce brands that do — or will — rely heavily on physical real estate at some point. Fifth Wall — which is backed by a long list of real estate heavyweights, including landlord giants like Macerich Co. and Acadia Realty Trust — thinks it can play matchmaker. The idea is to introduce the startups to spaces owned by members of its investor base, while meanwhile enhancing the investors’ properties by ensuring they have the latest and greatest brands as tenants.
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