Fifth Wall, a venture capital firm focused on technology for the global real estate industry, has closed its Real Estate Technology Fund III totaling $866 million.

Fifth Wall’s Fund III refers to two vehicles. Fifth Wall Early Stage Ventures LP represents its early-stage venture vehicle and focuses on startups, while Fifth Wall Fund III LP represents the firm’s late-stage venture vehicle, serving companies at the growth equity or series C stage. The close of Fund III brings the firm’s total capital raised toward property technology investment to more than $1 billion over the last year.

“When we started Fifth Wall in 2016, PropTech was not yet a term,” says Brendan Wallace, co-founder & managing partner, Fifth Wall. “Since then we believe that we played an intrinsic role in the ecosystem’s evolution and continue to propel it forward not only via capital but industry awareness and strategic collaboration between our startups and real estate limited partners. It’s the natural next step that we’d expand the aperture, deploying two vehicles that enable us to invest from seed to IPO. It signifies our commitment to the ecosystem as it navigates the next wave.”