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Fifth Wall, a leading venture capital firm in proptech, announced it raised over $1.1 billion across its funds in 2021, showcasing the industry's rapid technology adoption. The firm welcomed numerous new investors and saw increased commitments from existing ones. In 2021, Fifth Wall invested in over 25 new portfolio companies and celebrated five IPOs, including SmartRent, which went public through a merger with Fifth Wall Acquisition Corp. I (FWAA). The firm continues to expand its team to support its growing network of over 90 strategic partners.
SmartRent.com, Inc. announced the SEC's approval of its S-4 Registration Statement related to its business combination with Fifth Wall Acquisition Corp. I (FWAA). A special stockholder meeting to vote on the merger is scheduled for August 23, 2021. Post-merger, SmartRent's shares will trade on the NYSE under the symbol SMRT. The company, which provides smart home technology, noted strong demand for its solutions and plans for growth despite labor market challenges. The merger aims to enhance SmartRent's positioning in a rapidly growing market.
SmartRent, a leader in smart home automation, announced strong Q1 2021 results, reporting $19.2 million in revenue, up 16% year-over-year. The company deployed 32,483 new units, representing an 81% increase from the previous year, and its total committed units exceeded 600,000. Deferred revenue reached $64 million, up 134% year-over-year. SmartRent is merging with Fifth Wall Acquisition Corp. I (NASDAQ: FWAA), expected to close in Q3 2021, aiming to enhance growth in the smart home technology market.
SmartRent has announced a definitive business combination agreement with Fifth Wall Acquisition Corp. I (FWAA) to create a publicly traded entity valued at $2.2 billion. The transaction is supported by an oversubscribed $155 million PIPE from leading real estate firms including Starwood Capital Group and Lennar. SmartRent anticipates achieving EBITDA positivity by 2022, with 80% of its 2021-2022 revenue projections stemming from committed units. The company has zero customer churn and aims to leverage Fifth Wall's resources for global expansion.
Fifth Wall Acquisition Corp. I (FWAA) has successfully closed its initial public offering (IPO) of 34,500,000 shares at $10.00 each, including 4,500,000 shares from an over-allotment option. The shares commenced trading on Nasdaq on February 5, 2021. Goldman Sachs & Co. LLC and Deutsche Bank Securities acted as joint book-running managers for the offering. FWAA aims to pursue mergers and acquisitions in technology businesses related to the real estate sector, targeting industries linked to the built environment.
