Former Kushner Cos. CEO and current White House Senior Adviser Jared Kushner has severed his investment ties with PropTech startup Cadre, the company confirmed Friday.
Kushner, a co-founder of the real estate tech startup and son-in-law of President Donald Trump, has sold his stake in Cadre for between $25M and $50M in an effort to avoid future conflicts of interest, Bloomberg first reported, citing sources close to Cadre and Kushner.
A company spokesperson confirmed the divestiture to Bisnow.
Kushner and his brother, Joshua Kushner, partnered with Cadre CEO Ryan Williams in 2015 to launch the startup after securing about $18.3M for its crowdfunding investment marketplace. It has raised $133.3M in venture capital to date, much of which has come from real estate investor SL Green and venture capital firms including Andreessen Horowitz.
A separate investment deal with Japanese company SoftBank was reportedly killed last year after Kushner did not divest during talks, Bloomberg reported at the time. SoftBank's Vision Fund is heavily backed by equity from Saudi Arabia Public Investment Fund and the Arab emirate's sovereign wealth fund.
Later that year, Cadre launched an opportunity zone fund for investments, sharing in tax breaks created by the Trump administration’s Tax Cuts and Jobs Act.
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