Proptech company Fifth Wall has raised $345m (£249.5m) in its first special purpose acquisition company IPO.
The Nasdaq-listed blank-cheque company will allow the VC business to acquire proptech start-ups with growth potential.
Los Angeles-based Fifth Wall was established in 2016. Last year it launched its first European proptech fund, backed by BNP Paribas Real Estate and Azora.
Fifth Wall Acquisition Corp is one of a growing number of blank-cheque companies that are being launched in the US to target proptech investments.
Founder Brendan Wallace said: “We believe SPACs will become an increasingly important, strategically relevant part of the most successful venture capital firms.
“I view the extraordinarily high demand for the first Fifth Wall-affiliated SPAC as validation of this belief: that the market wanted an institutional-quality, independent sponsor in the real estate tech category.”
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