Vision Fund, the large-scale growth equity fund managed by telecommunications firm SoftBank, is set to lead a $700m funding round for US-based construction services provider Katerra, The Information reported yesterday.
The round would value Katerra at more than $4bn, up from a post-money valuation of more than $3bn in its last round, according to people familiar with the matter.
Katerra provides construction services ranging from architecture and building design to the supply of building materials, construction and engineering, renovation and interior design, all of which are integrated in a unified technology platform meant to increase efficiency.
The company has acquired timber construction company Michael Green Architecture, construction manager Fields Construction and architectural and interior design firm Lord Aeck Sargent and India-based modular building producer KEF Infra in the past year.
Vision Fund led Katerra’s last round, an $865m series D featuring property developer DivcoWest, Canada Pension Plan Investment Board, Tavistock Group, Navitas Capital and a fund managed by Soros Fund Management that closed in January 2018.
The latest round would take Katerra’s total funding to more than $2bn according to The Information, despite the 2018 round appearing to increase its overall funding to approximately $1.09bn.
The company raised $130m in series C funding in 2017, describing manufacturing services provider Foxconn, Greenoaks Capital, Moore Capital Management, Khosla Ventures, DFJ and Paxion as its investors. Its backers also include private investor Louis M. Bacon, it said a year ago.
