Home » News » Strutt & Parker parent company sets up £90 million proptech start-up fund

Strutt & Parker parent company sets up £90 million proptech start-up fund

BNP Paribas and US proptech investment giant Fifth Wall have joined forces to begin backing UK and European early-stage firms.

Nigel Lewis

bnp parisbas proptech

America’s largest proptech investment platform has launched into the UK following a deal with Strutt & Parker’s parent company BNP Paribas Real Estate.

California-based Fifth Wall has launched its first UK-based fund aimed at financing early-stage proptech firms both locally and elsewhere in Europe, totalling £90 million.

Fifth Wall has some £910 million under management invested in US proptech firms and now hopes to replicate its success in the UK, which by far and away the most active market for proptech start-ups within Europe.

“When Fifth Wall was formed in 2016, US-based real estate organisations had only just begun to recognize that investing in technology was imperative to the future of their business,” says Brendan Wallace (let), Co-Founder & Managing Partner, Fifth Wall.

“Over the last three years, that same recognition has now come to Europe as well, and we’re thrilled to welcome BNP Paribas Real Estate alongside Fifth Wall’s global consortium that now includes 60 corporate real estate investors from 14 countries.”

Wallace says this includes investors in the UK, France, Spain, Germany, and Finland.  “We look forward to working with BNP Paribas Real Estate on transforming its business through technology and innovation,” he adds.

Thierry Laroue-Pont, CEO of BNP Paribas Real Estate, says: “. “In the aftermath of this unprecedented crisis, this strategic step will make us better equipped to meet new challenges and to develop better places for people to live and work.”

Strutt & Parker was bought by BNP Paribas three years ago.

October 6, 2020

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