US-based venture capital firm Fifth Wall has raised over $140m for its Climate Tech Fund, from investors including housing provider Invitation Homes and property manager Ivanhoé Cambridge.
Other limited partners committed to the fund include real estate investment trusts Equity Residential, Hudson Pacific Properties and Kimco Realty Corporation.
Fifth Wall is targeting $500m for the final close of the fund, which will invest in developers of technology that can contribute to decarbonisation of the real estate sector.
The firm has already used Climate Tech Fund to invest in several companies so far including construction technology developer Icon and electric motor manufacturer Turntide Technologies.
Alongside the fundraise, Fifth Wall announced the appointment of Peter Gajdoš, former head of venture capital at asset manager IPM group, as partner. Gajdoš will also co-lead its climate technology investment team.
Brendan Wallace, Fifth Wall’s co-founder and managing partner, said: “We hope that more real estate organisations will follow their lead and equally commit to climate tech that is so critical to mitigating the real estate industry’s contributions to climate change.”