Cadre (company)
 | |
| Company type | Private |
|---|---|
| Industry | Financial technology Real estate |
| Founded | 2014 in New York City, New York, United States |
| Founder | Ryan Williams Jared Kushner Joshua Kushner |
| Headquarters | , |
Number of employees | Over 50 |
| Website | cadre |
Cadre is a New York-based technology company that provides individuals and institutions direct access to large commercial real-estate properties.[1] The business and financial press describe it as a service that "makes the real estate market more like the stock market" by allowing investors to select the individual transactions in which they participate, while investing a smaller amount than would be required to fully fund a transaction.[1] For example, 12 institutional investors (such as family offices and endowments) participated in a $60 million office building purchase.[2] The firm has more than $1 billion under management,[3] and was named to Forbes' "FinTech50" and "30 Under 30".[4][5]
History
Cadre was founded in 2014 by CEO Ryan Williams, who previously built a real estate business and worked at Blackstone and Goldman Sachs.[6] He started the company with Thrive Capital founder Josh Kushner, and General Catalyst, which together invested $18 million in a 2015 fundraising round.[7] That round also included a $250 million backstop liquidity commitment from an unnamed family office.[1] Vornado CEO Michael Fascitelli also invested in this round.[1]
In 2016, the firm raised another $50 million, which included Michael Fascitelli joining Cadre's investment committee.[8][9] In 2017, it was named an "Inc. New York start-up to watch",[10] to Equities.com's Pioneer 250,[11] and to Fast Company's "5 FinTech startups to watch".[12] The firm raised an additional $65 million in 2017 in a round led by Andreessen Horowitz.[13]
Platform
Traditional real estate investment funds vest all decision-making with a paid manager; individual participants have no ability to select transactions in which to participate. By contrast, Cadre permits investors to choose what investments to make on a building or project level. Cadre curates investment opportunities, and uses an electronic platform to make these qualified opportunities available to investors. Individual investors can then buy a stake in any project.[1] The company performs diligence using its data analysis software and data analysis team.[3] For sellers, the company claims higher speed and lower fees as advantages.[1] CEO Williams claims that real estate "builds multi-generational wealth", and, "Cadre provides access to more members of the global economy with the opportunity to build wealth".[14] In the future, the firm intends to use its data analytics platform to allow investment in opaque, illiquid asset classes beyond real estate (such as "energy, natural resources, oil, infrastructure, or anything that's historically been privately held or inaccessible").[3][15]
Team
Co-founder Ryan Williams serves as CEO, for which he was named one of Forbes' "30 Under 30" for 2018.[16][17][18] Former Vornado Realty Trust CEO Michael D. Fascitelli leads the investment committee.[19] Other team members were hired from Silicon Valley firms, such as head of product Andrew Borovsky from Square, Inc.,[1][12] and the former head of engineering from Mint.com.[12] Former Starwood Capital executive Marcos Alvarado joined in 2016 as head of acquisitions.[20] At the founding of the company, Jared Kushner helped launch the business with Williams, and advised the firm for approximately 18 months, but does not have an operational role today.[1]
References
- ^ a b c d e f g h "Google and Facebook employees are flocking to a startup that's raised ~$70 million to shake up the real estate world". Business Insider.
- ^ "Trump's Son-in-Law Hasn't Given Up Real Estate For Politics Yet". Bloomberg.com. 8 July 2016.
- ^ a b c "Cadre CEO Says Data Processes, Services Give Them an Edge". Bloomberg.com.
- ^ Sharf, Samantha. "How A 28-Year-Old Plans To Upend The $81 Trillion Global Real Estate Investment Market". Forbes.
- ^ Novack, Janet. "The Forbes Fintech 50 For 2016". Forbes.
- ^ Balboa, Elizabeth (31 December 1969). "Cadre Transforms Alternative Asset Realm With Flexible Real Estate Investments". Benzinga.
- ^ Cutler, Kim-Mai. "Cadre Raises $18.3M From Thrive, General Catalyst To Build Software For Big Commercial Real Estate". TechCrunch.
- ^ Weiss, Lois (26 January 2016). "Real estate startup Cadre raises whopping $50M". New York Post.
- ^ Kolodny, Lora (26 January 2016). "Cadre Scores $50M for Professional Real-Estate Investment". Wall Street Journal.
- ^ "Mattresses, Makeup, and Meal Kits: Top 10 NYC Startups to Watch in 2017". Inc.com. 25 January 2017.
- ^ "Westward Ho". Equities.com.
- ^ a b c "5 Fintech Startups To Watch In 2017 | Fast Company". Fast Company. 26 December 2016.
- ^ "Online Real Estate Marketplace Cadre Raises $65 Million led by Andreessen Horowitz". Crowdfund Insider. 10 June 2017.
- ^ Sharf, Samantha. "How To Value Boston's Faneuil Hall And Other Questions Fintech Could Answer". Forbes.
- ^ "How this 50-person startup is planning to completely transform the real estate industry".
- ^ "28 black founders and investors making an impact in tech - PitchBook News".
- ^ "Ryan Williams - Meet Crain's New York Business Class of 2017 40 Under 40". www.crainsnewyork.com.
- ^ Communications, Forbes Corporate. "Forbes Releases 2018 Edition of the 30 Under 30 List". Forbes. Retrieved 2017-11-18.
- ^ Weiss, Lois (4 January 2017). "Ex-Vornado president takes on larger role at Kushner's Cadre". New York Post.
- ^ "Cadre + Marcos Alvarado". The Real Deal New York. 27 July 2016.