Faded Hype for Real Estate Tech Leaves Cadre, Others Scrambling

A flock of big-name investors—Andreessen Horowitz, Thrive Capital, Founders Fund and even Jack Ma and George Soros—piled into Cadre six years ago at an $800 million valuation, seeing potential in its promise to bring commercial real estate investing to the masses. The company, co-founded by Jared Kushner and former Blackstone employee Ryan Williams, told investors then that its “addressable market opportunity is $100+ trillion.”

But the New York–based company failed to fulfill those big expectations. Last year, it told investors it would likely pull in less than $30 million in annual revenue and wasn’t yet profitable, according to people familiar with the matter. That has made its latest fundraising effort even more difficult. Over the past six months, the company has struggled to raise tens of millions of dollars, the people said.