Venture capital firm Camber Creek is continuing to raise money for proptech investments despite the headwinds facing the industry, closing a new $100M fund less than a year after finalizing a $325M fund.

The D.C.-based firm on Wednesday announced the closing of its Opportunity Zone I fund. It said it will use the fund to put more money into its existing portfolio companies to "retain its pro rata" on those investments and to find new strategic investments.

"The current market environment is providing some exciting investment opportunities at attractive valuations," Jake Fingert, a partner at Camber Creek, said in a press release.

The fund represents the largest proptech capital raise so far in 2023, Commercial Observer reported. It comes after Camber Creek in July closed its fourth core venture fund, which was oversubscribed with $325M in commitments.

Another major haul was announced in December when venture capital firm Fifth Wall closed on an $866M fund, a record for the sector. The fund works to back both early and late-stage companies.

While firms like Fifth Wall and Camber Creek have continued to raise money, the proptech funding landscape faced significant challenges last year as the poor performance of publicly traded tech companies and larger macroeconomic headwinds made investors more cautious. This made it harder for startups to raise money and forced those that closed deals to accept lower valuations than those of past funding rounds.

Founded in 2011, Camber Creek has over 300 limited partners, including real estate owners, operators and service providers. The firm invests in proptech companies Arcadia, Bilt Rewards, Curbio, Flex, HappyCo, Measurbl, Notarize and VTS.