Azora backs Fifth Wall’s maiden Euro fund
The Madrid-based European private equity real estate manager has become an investor in Fifth Wall’s first European Real Estate Technology Fund.
Los Angeles-based Fifth Wall is the largest venture capital firm specialising in proptech and has one of the leading strategic advisory platforms focused on real estate technology.
Through this investment, Azora is partnering with other top-tier global investors in the funding and adoption of new technologies for its investment in real estate assets.
Other investors in the European fund include BNP Paribas Real Estate. The fund intends to invest primarily in emerging European proptech companies that its managers believe have the potential to help transform the real estate sector through innovation and technology.
Fifth Wall works closely with many of the world’s largest owners and operators of real estate, allowing it to not only provide vital capital and potential clients for startups and growth companies that make up its portfolio, but also to provide its investors with access to the latest technology and technological trends. In addition to the potential returns from the portfolio companies, investors in Fifth Wall funds also benefit by gaining vital insights that help inform their decisions on how to evolve and future-proof their business models and strategies. This has allowed Fifth Wall to raise over $1.2bn across its funds since 2016 in three prior funds in North America, positioning it as the world’s largest venture capital firm specialising in the sector.
Concha Osácar, Azora’s co-founding partner, said: “We have always placed considerable emphasis on ensuring that Azora consistently evolves as a business in order to meet the changing requirements of all our stakeholders. As the real estate sector increasingly, and rightly, shifts to being a service industry, rather than a simple own and lease business, understanding and deploying the best technologies is of paramount importance. Fifth Wall is undoubtedly a true proptech pioneer, and our investment into its first European fund allows us to both expand our investment horizon into an emerging sector which offers enormous potential, while at the same time giving us strategic insight into future innovations and technologies that can help us create value for our investors and deliver better service for all our clients and stakeholders.”
Roelof Opperman, managing director, Fifth Wall, said: “We believe the European real estate tech market is underpenetrated and has significant room to grow. We’re excited to work with the Azora team, and our other significant European real estate investors, to identify, invest in, and support innovative real estate technologies poised to revolutionize the industry. We hope these investments will prove to be both financially sound and strategically relevant, benefitting Azora, our other European partners, the Spanish technology ecosystem, and the European real estate tech market, in general.”