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Fifth Wall files for third SPAC

Founders Brendan Wallace & Brad Greiwe (Credit: FifthWall)

Fifth Wall Acquisition III, the third blank check company formed by Fifth Wall Ventures targeting real estate technology, filed on Friday with the SEC to raise up to $250 million in an initial public offering, according to Renaissance Capital. The Los Angeles, CA-based company plans to raise $250 million by offering 25 million shares at $10.

Worth Noting: The company is led by Brendan Wallace, who is a co-founder at Fifth Wall Ventures, and CFO and Director Andriy Mykhaylovskyy, a Managing Partner at Fifth Wall. The group’s other SPACs include Fifth Wall Acquisition II (FWAB), which filed last month, and Fifth Wall Acquisition I (FWAA; +3.5% from $10 offer price), which went public this past February.

PropTech continues to be redefined: Fifth Wall Acquisition III plans to focus on industries outside of the US and leverage its management team’s experience to target a technology business, focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which they refer to as the “Built World.” [RC]

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