In conjunction with the new fund, which is backed by new limited partners such as Lowe’s, Public Storage, Kite Realty Group and Independence Realty Trust, Fifth Wall’s largest proptech investment went public in December with a $9 billion market capitalization.

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Venture capital company Fifth Wall, known for its work in supporting innovations to improve the real estate industry, has launched its new Flagship Fund, which, according to CEO and Chief Investment Officer Brendan Wallace, is poised to do “… what its last one did.”

“Fifth Wall’s last Flagship Fund vintage was our firm’s most successful and was perfectly timed to secure exposure to many successful proptech companies like Aurora Solar, Procore, ServiceTitan, and Lessen,” Wallace said in Jan. 16 press release.

In conjunction with the new fund, which is backed by new limited partners such as Lowe’s, Public Storage, Kite Realty Group and Independence Realty Trust, Fifth Wall’s largest proptech investment went public in December with a $9 billion market capitalization. Software company ServiceTitan is Fifth Wall’s seventh portfolio company to issue an IPO.

ServiceTitan provides workflow solutions for a range of commercial and residential trade verticals, ranging from plumbing companies to chimney sweeps.

Its enterprise software offerings connect service providers with consumers and vendor back-office operations, allowing for the flattening of scheduling, materials supply, bookkeeping, marketing, call logging and other business-critical needs.

Leonidas Canellopoulos is chief sustainability and innovation officer of TITAN Group, ServiceTitan’s parent. He said in the release the Fifth Wall affiliation offers fresh perspectives toward a more carbon-neutral real estate industry.

“By partnering with Fifth Wall, a true leader in real estate technology, we’re not only enhancing our operational efficiencies but also reaffirming our long-term commitment to decarbonization, sustainability, and resilience within the built environment,” Canellopoulos.

Another notable Fifth Wall beneficiary, flex-space provider Industrious, was acquired by commercial real estate company CBRE on Jan. 14.

“Founded in 2013, New York-based Industrious raised a total of $522 million in funding from investors, including Riverwood Capital and Fifth Wall Ventures. Its last known public valuation was $571.4 million in February of 2021 when it announced a $200 million raise, according to PitchBook. It had 583 employees as of February 2023,” TechCrunch reported.

Fifth Wall’s Wallace said that his company’s latest milestones represent a “thawing of the market for proptech investment, [where] green shoots are appearing.”

“I’m seeing a decisive positive momentum shift for proptech, punctuated by two significant Fifth Wall exits in the ServiceTitan IPO and the CBRE Industrious acquisition, which inspired me to launch our next Flagship Fund,” he said.

Internally, Fifth Wall started 2025 by augmenting senior management, according to the release, naming Jeremy Fox and Magnus Vik as co-presidents. Brad Greiwe was transitioned to Chairman, Fifth Wall said.

Email Craig Rowe

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