Umi and Pipswall Join 'ESV Fund'... Supporting Proptech Companies' Overseas Expansion

Umi announced on the 17th that it has signed a capital contribution agreement with the ESV Fund of the global asset management firm Fifth Wall.

Exterior view of Umi Construction Lin Square Gangnam Office.
Photo by Umi Construction

The ESV Fund (Real Estate Technology Early Stage Fund No. 3), in which Umi Global participates, is a venture fund targeting early-stage proptech companies. Fifth Wall is the world’s number one venture capital firm in the proptech sector, managing assets under management (AUM) of $3.2 billion (approximately 4.2 trillion KRW). Major real estate companies in the United States participate as strategic investors, and it is well known for its proactive investments in the proptech sector.

With this agreement, Umi became the first investor in Korea. Going forward, it plans to support promising domestic companies’ overseas expansion through regular exchanges with Fifth Wall.

Fifth Wall judged that Umi’s management philosophy, its role as a founding member of the Korea Proptech Forum, and its investment portfolio in proptech startups align with Fifth Wall’s investment philosophy, making Umi a valuable partner and the first institution in Korea to attract investment.

Umi has been investing in proptech companies across various fields such as Con-Tech, real estate transactions and brokerage, sharing economy, and lifestyle. In 2019, it invested in the real estate platform Zigbang, Con-Tech company Qupix, and co-living operator Homes Company. It continues to contribute to the development of the proptech ecosystem by investing in proptech startups and funds.

An Umi official said, "Thanks to the proptech investment experience and know-how we have accumulated, we were able to establish a strategic relationship with a global proptech operator," adding, "We plan to expand exchanges with global companies for the growth of Korea’s proptech ecosystem."

Brandon Wallace, co-founder and managing partner of Fifth Wall, said, “Umi’s investment shows that the proptech industry in the Asia-Pacific region can make a great leap forward like North America and Europe,” and added, “We welcome Umi’s participation and will strengthen the development and strategic cooperation of proptech in the Asia-Pacific region.”

This content was produced with the assistance of AI translation services.