Proptech VC Fifth Wall Halts SPAC Amid Stock Market Woes

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Proptech-centered enterprise cash organization Fifth Wall has pulled the plug on its $150 million prepare to just take one more authentic estate tech agency community through a special objective acquisition business, or SPAC, a filing with the SEC uncovered on Friday.

The Marina del Rey-based organization unveiled its next SPAC last March, with types on listing the blank-examine organization on the Nasdaq below the ticker FWAB and issuing 15 million shares at $10 apiece. Fifth Wall tapped Wall Avenue financial institutions Goldman Sachs, Citi and Deutsche Lender as joint underwriters on the offer, in accordance to IPO analysis business Renaissance Funds.

But Fifth Wall has now withdrawn the SPAC’s registration, putting an stop to all those programs. Whilst the enterprise money agency did not react to requests for remark on the shift, startups that have absent general public by using SPAC mergers have had a hard time on the market as of late—though that has not slowed down SPAC sponsors from issuing extra blank-look at providers. Meanwhile, the broader stock marketplace proceeds to teeter on correction territory, with the shares further roiled by Russia’s invasion of Ukraine.

With its initial SPAC, Fifth Wall took Arizona-primarily based residence automation corporation SmartRent public last August, in a deal that elevated $450 million for the startup. SmartRent’s inventory subsequently rose north of $14 for each share in early September, but has given that lose much more than 50 percent of its benefit and closed trading Monday at $6.45 for each share—mirroring the wider downturn in the SPAC current market.

Fifth Wall also introduced a 3rd SPAC that lifted $275 million on likely general public previous May well. That blank-test entity at this time trades on the Nasdaq beneath the ticker FWAC but has still to merge with one more enterprise, a la SmartRent.

The venture firm is also increasing money for a late-stage climate tech fund, for each one more new SEC submitting. Fifth Wall did not disclose how considerably it intends to increase for the new fund. It has secured at the very least $140 million for a identical fund targeted on early-phase local weather tech startups, as dot.LA reported final year.

Previously this month, Fifth Wall introduced that it experienced raised around $159 million for its first European fund. (Disclosure: Fifth Wall co-founder and handling husband or wife Brendan Wallace is an trader in dot.LA.)