SmartRent to go public via Fifth Wall SPAC

Deal would value proptech startup at $2.2B

National /
Apr.April 22, 2021 12:30 PM
SmartRent CEO Lucas Haldeman (middle) with Fifth Wall’s Brendan Wallace (left) and Andriy Mykhaylovskyy (SmartRent, Fifth Wall, iStock)

SmartRent CEO Lucas Haldeman (middle) with Fifth Wall’s Brendan Wallace (left) and Andriy Mykhaylovskyy (SmartRent, Fifth Wall, iStock)

Another proptech company is joining the SPAC game.

Home technology startup SmartRent plans to go public in a merger with one of Fifth Wall Ventures’ special-purpose acquisition companies in a deal that would value the company at $2.2 billion, the Wall Street Journal reported.

Fifth Wall Acquisition Corp., the VC firm’s first SPAC, raised about $345 million in an initial public offering earlier this year. The merger would be one of the largest deals thus far involving a proptech firm and a SPAC, according to the publication.

SmartRent sells smart house technology to building owners and developers, including major landlords like Blackstone Group, Starwood Capital Group and Lennar and Invitation Homes. Those property owners have reportedly agreed to invest $155 million in the startup.

SmartRent technology helps landlords monitor thermostats, utilities, security and plumbing from a computer or smartphone. Tenants can use apps that support these features, too.

SPACs have grown in popularity, raising $83 billion last year across 248 blank-check firms. These companies have no underlying assets and are an alternative to the traditional initial public offering process.

Fifth Wall has thus far launched three SPACs, with the latest — announced earlier this week — targeting proptech firms outside the U.S. The firm has invested in more than 40 proptech startups since 2016.

[WSJ] — Cordilia James






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