This VC Firm Is Persuading Real Estate Rivals to Become Friends

Fifth Wall employed an unusual strategy to raise its second venture fund: It got rival real estate companies to pool resources to invest in property-technology startups.

Los Angeles-based Fifth Wall said Wednesday that it closed the $503 million fund by bringing together mall owners, hotel companies and office developers. Four major U.S. homebuilders invested in the fund -- D.R. Horton Inc., Lennar Corp., PulteGroup Inc. and Toll Brothers Inc. -- as well as competing brokerages CBRE Group Inc. and Cushman & Wakefield Plc.