Canadian institution sets sights on emerging tech with Fifth Wall
Proptech VC firm Fifth Wall has announced a strategic partnership with Ivanhoé Cambridge as the Canadian real estate developer and investor seeks to back emerging trends.
With C$60.4bn in real estate assets under management, Ivanhoé Cambridge is a subsidiary of Canada’s second largest pension fund. It intends to accelerate its proptech adoption and innovation through the partnership.
IC is the largest single investor in Fifth Wall, having already committed $85m across four of its funds, and was recently the first investor in Fifth Wall’s $200m fund for climate impact.
Sylvain Fortier, chief investment and innovation officer at Ivanhoé Cambridge, said: “This strategic partnership is perfectly aligned with our investment vision and will enable us to create value as well as accelerate the deployment of technology-based solutions across our portfolio.
“It will allow us to have direct access to companies and have insights into emerging trends in proptech.”
Ivanhoé Cambridge said Fifth Wall, which has $1.7bn in commitments and capital under management, and its network will provide “unique insights and direct access” to proptech solutions.
Brendan Wallace, co-founder and managing partner of Fifth Wall, said: “Real estate owners are finding that while investing in technology and innovation is complicated and challenging to do it all in-house, it’s absolutely imperative to the future of their business.
“Proptech is no longer niche; it is now one of the largest categories of venture capital and transforming the real estate industry. Ivanhoé Cambridge’s significant commitment to Fifth Wall symbolises their deep understanding of how important proptech has become.
“It is also inspiring to have Ivanhoé Cambridge as the first investor in Fifth Wall’s Climate Technology Fund, and I hope their bold commitment to that fund encourages other real estate owners to being investing in climate tech and to fund the R&D that is required to decarbonise the real estate industry.”
Although it has a global portfolio, Ivanhoé Cambridge’s focus on proptech is indicative of growing interest in the sector by Canadian firms, recently seen in the launch of Greensoil’s $100m proptech fund.