Camber Creek re-ups bet on proptech with $120M fund

Firm has backed Latch, VTS and WhyHotel

Camber Creek's Jake Fingert, Jeff Berman, and Casey Berman (Credit: LinkedIn)
Camber Creek's Jake Fingert, Jeff Berman, and Casey Berman (Credit: LinkedIn)

Camber Creek, a venture capital firm focused on real estate tech, is targeting $120 million for its largest fund to date.

Launched in 2011, Camber Creek has raised $50 million to date — including an initial $20 million fund and a $30 million second fund in 2017. The company filed paperwork for its latest capital raise with the U.S. Securities and Exchange Commission last month.

It’s invested significantly in real estate technology, backing more than 20 companies, including Latch, VTS, 42Floors (which was acquired by Knotel), Nestio and Vornado spin-off Why Hotel.

Camber Creek is based in New York and Maryland, and its investor base includes real estate owners and managers, who collectively own 150 million square feet of commercial real estate nationwide. Camber Creek’s general partners include cousins Casey and Jeffrey Berman, whose family firm Berman Enterprises owns and manages 11 million square feet of real estate, as well as Jake Fingert, a former policy advisor to President Obama.

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Representatives for Camber Creek did not comment, citing a U.S. Securities and Exchange Commission rule against doing so.

Camber Creek is one of many firms re-upping their bets on proptech. New York-based MetaProp, a VC fund and incubator, is raising $100 million for a new fund, The Real Deal reported in May.
And last month, Fifth Wall closed a $503 million fund focused on real estate tech — the largest of its kind to date.  Meanwhile, San Francisco-based Brick & Mortar Ventures, founded by Bechtel scion Darren Bechtel, launched a $100 million fund focused exclusively on construction tech.
And, of course, SoftBank is planning a second $100 billion Vision Fund.

Overall investment in real estate tech startups topped $12.9 billion during the first half of 2019, up from a record $12.7 billion in all of 2017.

Just last week, two WeWork rivals announced new funding rounds. Knotel announced a $400 million round led by Wafra, the investment arm of the Sovereign Wealth Fund of Kuwait, bumping its valuation to north of $1.3 billion. A day later, Industrious said it had raised $80 million.