US-based construction services provider Katerra secured $200m in funding yesterday from SoftBank Vision Fund, the investment vehicle formed by internet and telecommunications conglomerate SoftBank.
Founded in 2015, Katerra has created an end-to-end construction offering, offering manufactured components that can be configured into thousands of building designs and structural systems, in addition to supply chain, renovation and assembly services.
The company has more than 6,000 multi-family units under construction and employs 8,000 staff globally. The additional capital is intended to position it for long-term growth.
The financing was revealed in tandem with the promotion of Katerra’s chief operating officer Paal Kibsgaard to chief executive in a planned transition that will involve him succeeding co-founder Michael Marks.
Jeff Housenbold, managing partner at SoftBank Vision Fund and board member at Katerra, said: “The board is excited to welcome Paal to the role of CEO as he builds on the foundation Michael established as founder of Katerra.
“The new round of financing further strengthens Katerra’s balance sheet, enhances its competitive positioning, and provides growth capital as Katerra executes on its mission to radically transform the way people build commercial and residential properties.”
Katerra has now collected more than $1.42bn in overall funding. It previously closed its series D round at nearly $999m in September 2018 according to a regulatory filing, after SoftBank Vision Fund had led an $865m first tranche eight months earlier.
The first close also featured Canada Pension Plan Investment Board, Tavistock Group, Navitas Capital, DivcoWest and an investment fund managed by Soros Fund Management.
The company emerged from stealth in April 2017 with $130m in series C funding from undisclosed investors, before adding $27.8m in December the same year.
Katerra has also identified contract manufacturer Foxconn, Greenoaks Capital, DFJ Growth, Khosla Ventures, Moore Capital Management, Paxion and Louis Bacon as shareholders.
Image courtesy of Katerra.
