Fifth Wall, an LA-based venture capital firm with $3.2 billion in assets under management focused on real estate technology and the decarbonization of the global real estate industry, raised $1.5 billion for new funds in 2022.

The firm has raised $2.9 billion, the third-most capital of any venture firm globally, since 2016.

Founded by Brendan Wallace and Brad Greiwe, the firm’s raises include the largest-ever venture fund focused on real estate tech startups – Real Estate Tech Fund III – with $866 million in capital, a $500 million debut Climate Fund that aims to decarbonize the property industry and a €140 million European Fund.

“Fifth Wall was fortunate to be one of the first venture funds to identify the secular collision between the two largest industries in the U.S., real estate and technology,” said Wallace.

Supported by a 75-person team across five offices in New York, Los Angeles, San Francisco, London, and a recently opened Singapore office, Fifth Wall’s biggest exits include the home-flipping company OpenDoor, the property insurance firm Hippo Insurance, and SmartRent, which sells smart home technology to apartment building owners and developers.

Wallace began his career with Goldman Sachs’ and Blackstone’s real estate groups before going on to found two companies, while Greiwe worked in investment banking at UBS and private equity with Tishman Speyer as well as Starwood Capital Group, before co-founding and serving as CTO for Invitation Homes.

Fifth Wall is backed by big names in the industry, including CBRE, Kimco Realty Corporation, Lennar and Starwood Capital, among many others.