Recently, Fifth Wall, a venture capital firm closed a funding round with $503 million which will help investors with real estate technology.

Known as Fund II, it is one of the largest fund launched to date with a focus on real estate technology investment, the firm said. In addition to local investors including CBRE, Cushman & Wakefield and Equity Residential, Fifth Wall attracted investors from France, Spain, the United Kingdom, Japan and Singapore.

The Los Angeles-based venture capital firm, which was launched in 2016 by Blackstone Group alumni Brad Griewe and Brendan Wallace, now has $1 billion under management. The firm has an ever-growing portfolio of investors, and typically directs investments to startups that can provide a service to its partners.

The firm is among the largest conduits for investment in the real estate tech space and has pooled funding for flexible office startup Industrious, house-flipping company Open Door and analytics firm VTS.

It counts most institutional real estate firms among its investors, including Hines, Hudson Pacific Properties, Lennar, Macerich and Related Companies.

Fifth Wall started raising money for the fund about a year ago, closing it just four months later, Wallace told The Real Deal in an interview. To them, the bigger the fund, the better for prop-tech.

“A lot of the advancement that’s going to occur in that sort of environment is going to be premised on these technologies gaining significant traction,” said Griewe. “The size of the pie increases. New realms of revenue will open up.”

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