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Report: SoftBank fund scraps $100M investment in RE tech startup Cadre

Cadre is attracting interest from other investors after the SoftBank Vision Fund walked away from a potential $100 million investment in the startup, Bloomberg reported, citing people privy to the matter.

One term sheet is valuing the real estate technology firm at up to $2 billion, compared to an $800 million assessment at the end of 2017, the news agency noted, citing two of the unidentified people.

The company is partly owned by Jared Kushner, who is serving as a senior adviser to his father-in-law, U.S. President Donald Trump.

Cadre officials have downplayed Kushner's role in the company, despite him holding a stake in the firm valued at between $5 million and $25 million, per Kushner's most recent financial disclosure form.

SoftBank Vision Fund, which was formed by SoftBank Group Corp., is principally backed by investors from Saudi Arabia and the United Arab Emirates, and is the majority shareholder of Sprint Corp. The potential $100 million investment could pose conflicts of interest due to Kushner's involvement in U.S. Middle Eastern strategy and the pending merger of Sprint with T-Mobile US Inc., which needs the approval of government regulators.

A Cadre spokeswoman did not offer a comment on the matter, Bloomberg added.