Venture capitalist firm Fifth Wall has launched its first European proptech fund.
The fund will invest in European proptech start-ups to “accelerate European real estate innovation adoption”, and has been backed by companies including BNP Paribas Real Estate and Azora.
BNP PRE, one of the fund’s major backers, will also partner with Fifth Wall to look for opportunities to co-invest and explore “potential commercial partnerships”, and Fifth Wall will support the agent’s tech development.
BNP PRE chief executive Thierry Laroue-Pont said the launch of the proptech fund is “core to our innovation strategy”.
The partnership will also offer Fifth Wall a gateway to the European market, after its success in North America.
Fifth Wall managing director Roelof Opperman said the partnership offers access to an “unpenetrated market” which has “significant room to grow”.
He added: “We are excited to work with BNP Paribas Real Estate, along with our other European real estate investors, to identify, invest in, and support the most innovative real estate technologies or ‘proptechs’ poised to revolutionise the industry.”
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