First look: Real estate firms invest $140 million in climate tech
Large real estate companies are putting $140 million into a climate tech fund that aims to help decarbonize the sector, according to an announcement Monday morning from the venture firm Fifth Wall.
Why it matters: The funding round, which includes some of the largest players in the industry, signals growing momentum toward backing new technologies needed to slash carbon emissions to net-zero by midcentury and achieve negative emissions thereafter.
Details: Fifth Wall, a venture firm focused on technology for the real estate industry, says the new investors in its climate tech fund include large players such as Equity Residential, Hudson Pacific Properties, Invitation Homes, Ivanhoe Cambridge and others.
- The fund aims for a total raise of $500 million, and it plans to invest in mainly early-stage businesses, Brendan Wallace, co-founder and managing partner, told Axios.
- “Real estate is…