Fifth Wall, Robert Downey invest in climate tech financing firm

Sealed aims to encourage home energy upgrades through novel financing tool

National /
Jun.June 24, 2021 09:00 AM
Fifth Wall’s Brendan Wallace and actor Robert Downey Jr. (Getty)

Fifth Wall’s Brendan Wallace and actor Robert Downey Jr. (Getty)

Venture capital firm Fifth Wall and actor Robert Downey Jr. are investing in a firm that offers financing incentives for homeowners who want to reduce their energy consumption.

The company, Sealed, scored $16 million in Series B funding, led by Fifth Wall. Investors include Downey’s newly-created FootPrint Coalition Ventures, Cyrus Capital and CityRock Ventures.

New York-based Sealed seeks to reduce homeowner energy use by paying upfront costs of upgrades for insulation, heating and cooling. Homeowners pay Sealed back through that energy savings, the company said. Sealed also handles the process of hiring a contractor for the installation.

The goal is to incentivize homeowners to upgrade their older heating and cooling systems, which can be large greenhouse gas emitters.

Sealed’s financing model is based on an algorithm that looks at usage and consumption data to predict energy use and savings. The company said with improved and upgraded systems, homeowners can reduce their energy use by up to 60 percent.

Sealed was the lead investment in Fifth Wall’s climate technology fund. The fund looks to invest in technologies that help real estate combat climate change. In March, the Fifth Wall fund secured an investment from Ivanhoe Cambridge.

Sealed’s model “makes vital upgrades accessible to consumers, and maps a blueprint for decarbonizing homes,” said Greg Smithies, who leads Fifth Wall’s climate technology investment team. The firm is led by Brendan Wallace.

Sealed was founded in 2012 by Lauren Salz and Andy Frank. It plans to use the funding to expand into new locations outside New York, including New Jersey and Connecticut.

Sealed has raised a total $33 million, and is backed by a credit facility with New York Green Bank and an insurance program from Munich Re.

Downey, a two-time Academy Award nominee, launched FootPrint Coalition Ventures in January. It includes a series of funds that invest in sustainable technologies and firms seeking to combat climate change.






    Related Articles

    arrow_forward_ios
    Construction startup Built lands $1.5B valuation
    Construction startup Built lands $1.5B valuation
    Construction startup Built lands $1.5B valuation
    iBuyer bonds attracting Wall Street capital
    iBuyer bonds attracting Wall Street capital
    iBuyer bonds attracting Wall Street capital
    A history of real estate fraud in 8 scandals
    A history of real estate fraud in 8 scandals
    A history of real estate fraud in 8 scandals
    "One thing at a time" is the wrong approach to energy upgrades
    “One thing at a time” is the wrong approach to energy upgrades
    “One thing at a time” is the wrong approach to energy upgrades
    Pot legalization sparks tension with landlords
    Pot legalization sparks tension with landlords
    Pot legalization sparks tension with landlords
    Hope returns to event venues faster than federal funds arrive
    Hope returns to event venues faster than federal funds arrive
    Hope returns to event venues faster than federal funds arrive
    Understanding Islamic-compliant commercial development and finance
    Understanding Islamic-compliant commercial development and finance
    Understanding Islamic-compliant commercial development and finance
    How information asymmetry twists commercial real estate markets
    How information asymmetry twists commercial real estate markets
    How information asymmetry twists commercial real estate markets
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...