Jared and Joshua Kushner’s real estate investment startup Cadre raised $50 million in a Series B funding round, bringing the total investment in the firm to more than $68 million.
The investment vehicle, founded last year, aims to connect institutional investors with real estate deals in gateway markets. It has the backing of real estate heavyweights such as Michael Fascitelli, who sits on its investment committee, and Andrew Farkas, who serves on its board.
It’s unclear what the company’s new valuation is post-funding. According to Pitchbook, which tracks venture funding, Cadre was valued at $99.9 million following its $18.3 million Series A round last year. It’s unclear what the startup is now valued at, as it now appears to be reincorporated as a Delaware-based entity, RealCadre LLC.
The New York Post, which first reported the Series B financing, did not reveal who led the round. The Series A was led by Thrive Capital, a venture capital firm founded by Joshua Kushner, and General Catalyst Partners, which has invested in Snapchat and Airbnb. Other investors include Kensington Capital, Yuri Milner, Goldman Sachs, Founders Fund, Alibaba Chairman Jack Ma, the Ford Foundation and Khosla Ventures. Jared is an investor in Cadre independent of Kushner Companies, the real estate investment firm he runs.
Overall, investors threw $1.5 billion at real estate tech startups in 2015, according to venture capital database CB Insights, a 36 percent year-over-year increase from $1.1 billion in 2014. [NYP] – E.B. Solomont and Hiten Samtani