Fifth Wall Ventures plans to launch an accelerator program aimed at companies valued under $20 million in the real estate tech space, the firm announced Wednesday.

The Venice-based venture capital firm plans to take on seven early-stage companies as part of its first class. The companies will receive between $250,000 and $500,000 in equity funding and have access to Fifth Wall’s partners in both the real estate and venture capital industries.

Companies participating in the program also agree to a “right to invest” deal structure if any of Fifth Wall’s real estate partners adopt one of the companies’ technology in the future.

Fifth Wall closed its first fund in May – a $212 million raise – and invests with backing from real estate heavy hitters such as downtown-based brokerage CBRE Group Inc. and mall owner Macerich Co. of Santa Monica. The venture fund is focused entirely on the real estate tech space.

The accelerator is now accepting applications from companies and expects to finalize its first class in the fall.

Deals & Dealmakers reporter Henry Meier can be reached at hmeier@labusinessjournal.com. Follow him on Twitter @henry_meier.