Jeremy Fox, Brendan Wallace and G.M. Nicholas Vik

In a relatively slow year for the proptech industry, Fifth Wall laid the groundwork for future deal flow once the market picks up again.

New York-based Fifth Wall, the largest venture capital firm focused on proptech, made 27 investments over the course of the last year. This was on the heels of closing $1.5 billion in new funds two years before, led by Fifth Wall’s $866 million real estate tech fund III.

“We’ve been actively investing and we still have quite a bit of dry powder, which we view as advantageous given the market,” Brendan Wallace said. “Because the real estate industry is grappling with some big existential questions — whether it’s the future of what office can mean or the future of logistics — we’ve seen the heightened receptivity of real estate owners to adopt technology.”

Since Wallace founded Fifth Wall with Brad Greiwe in 2016, the firm has raised more than $3 billion of capital across multiple investment funds. The leadership team at Fifth Wall on the proptech side includes varied backgrounds led by Wallace, who previously co-founded Madrid-based ridesharing service Cabify. 

Jeremy Fox, who joined Fifth Wall in 2021, hails from a more traditional commercial real estate background in investment banking, having run the real estate gaming and lodging group for North America at Credit Suisse. Prior to that, he was head of equity capital markets at Deutsche Bank.

Magnus Vik arrived at Fifth Wall in March 2020 from a role as director of strategy and finance at health care tech startup Renew Health. He  previously held senior positions at Snap, the parent company of Snapchat, and investment firm Iconiq Capital.

Both Fox and Vik were named co-presidents of Fifth Wall in April 2024. 

“The complementary skill sets at the top of the house enable us to think critically about the traditional business model of venture capital in order to innovate on it to enable Fifth Wall to be as impactful as possible,” Vik said.