Fifth Wall CEO Says AI Is Redefining Proptech Investing
Brendan Wallace, founder and CEO of Fifth Wall, says artificial intelligence is reshaping which proptech companies are worth backing and broadening what counts as proptech. Fifth Wall manages roughly $3 billion and has backed firms including Procore, OpenDoor, Blend and Hippo, with exits such as ServiceTitan’s 2024 IPO and CBRE’s 2025 acquisition of Industrious. Wallace also suggests that reported proptech funding totals may understate activity because some of the largest relevant investments are not classified narrowly as proptech.
Fifth Wall was founded in 2016 in Los Angeles and manages about $3 billion in commitments and capital. Its portfolio has included Procore, OpenDoor, Blend and Hippo. ServiceTitan went public in 2024, while CBRE acquired full ownership of Industrious in January 2025 at a valuation above $800 million. Real estate and hospitality investors include CBRE, Hines, Hilton and Marriott.
CEO and CIO Brendan Wallace previously worked at Goldman Sachs and Blackstone. He co-founded Identified, acquired by Workday in 2014, and Cabify. Fifth Wall recently put $135 million into Atoms and invested in visualization company Higgsfield, examples of a broader proptech definition.
The shift Wallace describes could affect founders seeking capital, real estate agents and brokers adopting AI tools, and renters or buyers interacting with increasingly automated property services. If investors broaden proptech's boundaries, more funding may flow to horizontal AI and full-stack real estate operators, potentially changing how spaces are built, leased and managed. Those changes may bring efficiency and new services, while also raising questions about labor, access and who benefits.