Katerra Revenue, Valuation, Funding & Investors
Katerra is not operational anymore. Its last reported valuation was $3B as of September 2018.
Last Katerra valuation
$3B
Series D · Sep 2018
Last Katerra funding round
$200M
Undisclosed stage · Jan 2021
Katerra revenue
$1.8B
Undisclosed stage · Jan 2021
Key investors in Katerra
SoftBank Group
Celesta Capital
RiverPark Ventures
Foxconn
Khosla Ventures
Greenoaks
About Katerra
Katerra was a construction technology company that combined architecture, engineering, materials sourcing, off-site manufacturing and on-site construction in one vertically integrated service for developers. It was founded in 2015 by Michael Marks and Fritz Wolff and was headquartered in Menlo Park, California. The company ran factories for cross-laminated timber and building components and built multifamily, commercial and mass timber projects in the United States, with operations in India and the Middle East. It earned revenue from design and construction contracts and from selling building components and materials. In 2018 it bought the architecture firms Michael Green Architecture and Lord Aeck Sargent and the contractor Bristlecone Construction to widen its design and building capacity. It was majority owned by SoftBank's Vision Fund and entered Chapter 11 bankruptcy in June 2021.
Founded
2015
HQ
San Francisco, CAWebsite
Status
Closed
Customer focus
B2B
Revenue model
Services
Revenue
$1.8B (Jan 2021)
Valuation
$3B (Sep 2018)
Katerra Valuation
Katerra is insolvent and not operational anymore. Read the announcement ↗
Katerra was last valued at $3B, based on its Series D in September 2018.
The $134M round included Celesta Capital.
Katerra's valuation grew 6.7x from $450M at its Series B in March 2016 to $3B in September 2018, across 4 priced rounds.
Katerra valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Write-down · Insolvency | $0 |
| Sep 2018 | Series D | $3B |
| Jan 2018 | Series D | $3B |
| Apr 2017 | Series C | $1B |
| Mar 2016 | Series B | $450M |
Katerra Revenue
Katerra's latest recorded revenue is $1.8B, as of its undisclosed-stage round in January 2021.
Revenue grew from $1.7B in November 2019 to $1.8B in January 2021.
Katerra revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Jan 2021 | $1.8B | Undisclosed stage |
| May 2020 | $1.8B | Undisclosed stage |
| Nov 2019 | $1.7B | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Katerra Funding History
Before winding down, Katerra has raised a total of $1.6B across 10 funding rounds.
Katerra's first fundraising round was a $1M seed round in February 2015. The most recent completed round was a $200M undisclosed-stage round in January 2021.
Katerra funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2021 | Undisclosed stage | SoftBank Group (lead) | $200M | - | Katerra, a US-based construction services provider, offered property developers an end-to-end suite of services including design, engineering, materials provision, manufacturing, and construction itself. The company faced significant challenges including project delays from the coronavirus pandemic, budget overruns, multiple layoffs, and leadership changes, with Paal Kibsgaard taking over as CEO in July 2020. SoftBank's Vision Fund provided a $200 million investment around December 30, 2020 to January 1, 2021, securing a majority stake and severely diluting other shareholders, while Greensill Capital (SoftBank-backed) canceled $435 million in debt for a 5% equity stake. This bailout was critical to avoid bankruptcy and support ongoing operations, following prior SoftBank investments totaling around $2 billion including an $865 million Series D in 2018 and another $200 million in May 2020. Katerra recorded almost $2 billion in revenue during 2020, as stated in its announcement of the funding. The cash infusion was intended to enhance financial flexibility, reduce costs, refocus on core businesses, and invest in promising growth areas like its first building platform for repeatable manufacturing. Despite these efforts, the company continued to struggle with profitability and cash burn. SoftBank had led multiple prior rounds and committed significant capital to Katerra, which had raised approximately $1.5-2 billion overall from investors including Khosla Ventures, Greenoaks Capital, and Foxconn. However, Katerra filed for Chapter 11 bankruptcy in June 2021 and shut down amid investigations into accounting practices and missed financial goals. The episode drew comparisons to SoftBank's troubled WeWork investment, highlighting risks in aggressive growth-focused strategies in construction tech. |
| May 2020 | Undisclosed stage | SoftBank Group (lead) | $200M | - | Katerra was a vertically integrated construction startup aiming to remake the industry through prefabricated materials, end-to-end services, and technological innovation, having raised approximately $2 billion prior to 2020 primarily from SoftBank's Vision Fund. In May 2020, amid financial distress, cost overruns, project delays from COVID-19, and accounting irregularities, SoftBank invested $200 million as part of a restructuring where Paal Kibsgaard replaced Michael Marks as CEO to stabilize operations. This infusion followed earlier heavy funding, including an $865 million round in 2018, and preceded a second $200 million bailout in December 2020 that included debt cancellation from SoftBank-backed Greensill Capital in exchange for additional equity. Katerra reported revenue between $1.5 billion and $2 billion for 2020, as stated by CEO Kibsgaard to shareholders and reported via WSJ, positioning it for significant cash generation despite challenges. Katerra's trajectory highlighted risks in construction tech, as it became the most-funded player in the sector yet succumbed to cash burn and operational issues, filing for Chapter 11 bankruptcy by June 2021 and shutting down. SoftBank gained majority control post-December 2020 but could not prevent failure, drawing parallels to WeWork. The company had acquired over a dozen firms and employed 5,000-10,000 people at peak, underscoring its ambitious scale before insolvency. |
| Nov 2019 | Series E | Celesta Capital | $3M | - | Celesta Capital invested in Katerra in a Series E round completed in November 2019. Financial terms of the round were not disclosed in the sources reviewed. Celesta had backed Katerra in earlier rounds, and its founder Michael Marks founded Katerra and served as its chief executive. Katerra was a technology-driven construction company based in the United States that integrated design, engineering, material supply and construction services under one roof. Its other backers included SoftBank, Khosla Ventures, DFJ Growth and Greenoaks Capital. The company filed for bankruptcy in 2021 after spending more than $2 billion over about six years. |
| Sep 2018 | Series D | Celesta Capital | $134M | $3B | - |
| Jan 2018 | Series D | SoftBank Group (lead); Four Score Capital; RiverPark Ventures; Navitas Capital; DivcoWest | $865M | $3B | Katerra, a Silicon Valley-based construction-tech company providing end-to-end services from design to construction, raised $865 million in a Series D round on January 24, 2018, led by SoftBank Vision Fund with participation from DivcoWest, Navitas Capital, and others. The funding propelled the company's post-money valuation to over $3 billion, marking it as a unicorn and the sixth largest U.S. venture round in the prior year. Chairman Michael Marks highlighted the investment's role in advancing R&D, scaling operations, and disrupting the construction industry through proprietary software that reduces time and costs. The capital aimed to reassure large customers of Katerra's stability following prior raises, including $130 million in Series C at over $1 billion valuation. Post-round, Katerra pursued aggressive expansion, acquiring firms like Fields Construction, Michael Green Architecture, and Lord Aeck Sargent, while targeting mass timber projects and multifamily units on the West Coast. |
| Dec 2017 | Undisclosed stage | Investopad | $28M | - | Investopad invested in Katerra in a $27.8 million round in December 2017, between the company's $130 million Series C of April 2017 and its $865 million SoftBank Vision Fund-led Series D of January 2018. The round has no disclosed lead investor and its stage is variously labelled late-stage venture or Series C. Katerra is a construction technology company founded in 2015 and based in Menlo Park, California, with Michael Marks as executive chairman. It integrates architecture, engineering, materials sourcing, offsite manufacturing and on-site construction in a single platform, initially for multifamily projects on the US West Coast. The company emerged from stealth in 2017 with about $220 million of funding from backers including Foxconn, Greenoaks Capital, Moore Capital, Khosla Ventures, DFJ and Paxion. Katerra later filed for Chapter 11 bankruptcy protection in 2021. |
| Apr 2017 | Series C | Greenoaks (lead); Foxconn; RiverPark Ventures; Lucas Venture Group; Khosla Ventures; DFJ Growth; Celesta Capital; Moore Capital; Paxion Capital Partners | $130M | $1B | Katerra, founded in 2015 and based in Menlo Park, CA, is a construction technology company that integrates design, material sourcing, manufacturing, logistics, and construction into a single platform to streamline the building process, targeting inefficiencies in the multi-trillion-dollar industry. Led by executive chairman Michael Marks, former CEO of Flextronics, the company draws parallels between tech manufacturing supply chains and construction, focusing initially on multifamily projects in Seattle and Portland with plans for expansion. It employs proprietary software for cost-effective layouts, factory assembly of components, and on-site installation to control quality and costs via prefabrication. On April 13, 2017, Katerra raised $130 million in a Series C funding round led by Greenoaks Capital, with participation from Celesta Capital, DFJ Growth, Foxconn Technology Group, Khosla Ventures, Lucas Venture Group, Moore Capital, Paxion Capital Partners, and RiverPark Ventures, bringing total funding to approximately $220 million at a post-money valuation exceeding $1 billion, earning unicorn status. Proceeds were allocated to research and development, production facilities, and general corporate purposes for its team of over 550 employees. Katerra's ambitious vertical integration differentiates it from competitors like Prescient and Rhumbix, which focus on narrower aspects, but analysts noted risks in managing multiple construction stages. This round preceded larger raises, including an $865 million Series D in 2018 valuing the company at $3 billion. |
| Mar 2016 | Series B | Foxconn | $76M | $450M | Katerra was then an early-stage construction technology company founded in 2015 in Menlo Park, California, and still operating largely out of public view. It was set up to combine architecture and design, materials sourcing, offsite manufacturing, logistics and on-site construction in a single company, with a focus on multifamily housing. Michael Marks, the former chief executive of Flextronics, served as executive chairman, and he drew on the supply-chain approach used in electronics manufacturing. The round followed a $7.4 million Series A in June 2015 and preceded a $130 million Series C in April 2017 at a valuation of about $1 billion and an $865 million SoftBank-led Series D in January 2018. Katerra filed for bankruptcy in 2021. |
| Jun 2015 | Series A | Fuel Capital | $7M | - | Fuel Capital invested in Katerra's Series A round in June 2015, a round of about $7.4 million. Fuel Capital is a San Francisco venture firm that backs early-stage technology companies, and it later listed Katerra among the companies it had supported. The round came a few months after Katerra's first seed financing in February 2015 and shortly after the company was formed. Katerra was founded in 2015 by Michael Marks, the former chief executive of Flextronics and interim chief executive of Tesla, together with Fritz Wolff and Jim Davidson. The company set out to rebuild the construction process as a vertically integrated technology business, combining design software, materials sourcing, off-site manufacturing and on-site construction services. It was headquartered in Menlo Park, California. Katerra later raised substantial further capital, including a Series D led by SoftBank's Vision Fund, before filing for bankruptcy in June 2021. |
| Feb 2015 | Seed | - | $1M | - | Katerra raised a seed round of about $1 million in February 2015, shortly after the company was founded that year by Michael Marks, the former chief executive of Flextronics, and real estate developer Fritz Wolff. The investors in the round were not disclosed in the sources reviewed, and the financing was followed in June 2015 by a Series A round. Katerra was a Silicon Valley construction technology company that set out to combine design, engineering, materials supply, manufacturing and on-site construction in one vertically integrated platform. It applied an electronics-industry supply chain approach to building multifamily and commercial projects, using offsite prefabrication to reduce cost and delivery time. The company later raised large rounds led by SoftBank, reaching a valuation reported at several billion dollars, before filing for bankruptcy protection in 2021. |
Who has invested in Katerra?
15 investors have backed Katerra across its funding rounds, including SoftBank Group, Celesta Capital, RiverPark Ventures, Foxconn, Khosla Ventures and Greenoaks.
Lead investors include SoftBank Group and Greenoaks.
Katerra Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 3 | Lead | Jan 2018 | |
| San Francisco, CA | 3 | Participant | Apr 2017 | |
 Taipei | 2 | Participant | Mar 2016 | |
| New York City, NY | 2 | Participant | Apr 2017 | |
| San Francisco, CA | 1 | Lead | Apr 2017 | |
| Boston, MA | 1 | Participant | Jan 2018 | |
| San Francisco, CA | 1 | Participant | Apr 2017 | |
| San Francisco, CA | 1 | Participant | Apr 2017 | |
| Menlo Park, CA | 1 | Participant | Apr 2017 | |
 Gurgaon | 1 | Participant | Dec 2017 | |
| Los Angeles, CA | 1 | Participant | Jan 2018 | |
| San Francisco, CA | 1 | Participant | Jun 2015 | |
| New York City, NY | 1 | Participant | Apr 2017 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Katerra
Katerra has acquired 3 companies to date.
Last acquisition by Katerra was on October 3rd 2018. Katerra acquired Bristlecone Construction Corp. for undisclosed valuation.
Latest Acquisitions by Katerra
| Description | Bristlecone Construction Corp. is a Sparks, Nevada-headquartered general contractor focused on commercial and multi-family developments. It manages projects valued from $500,000 to $55 million across healthcare, education, and hospitality sectors. The firm has completed over 100 builds in the western United States since 2006. | Lord Aeck Sargent is an Atlanta-headquartered architecture firm designing performing arts centers, higher education facilities, and adaptive reuse projects. The 250-person practice led the renovation of Atlanta Symphony Hall and Spelman College dorms, earning AIA awards. Established through 2014 merger, it operates studios in Boulder and Charlotte serving clients nationwide. | Michael Green Architecture is a Vancouver-based firm specializing in architecture and interior design for large-scale timber structures worldwide. Led by Michael Green, the studio pioneers mass timber construction in high-rise buildings, cultural centers, and educational facilities. Projects include the Wood Innovation Design Centre in British Columbia and the T3 office building in Minneapolis, emphasizing sustainable materials and seismic performance. |
| HQ Country | | |  |
| HQ City | Boston, MA | Atlanta, GA | Vancouver |
| Deal Date | 3 Oct 2018 | 14 Jun 2018 | 31 May 2018 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Katerra Competitors
Katerra competitors included listed companies like Ediliziacrobatica, San-El Mühendislik, Tehnika and ES Group, and private ones like ZM Constructions Limited and Hillnic.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Drobeta-Turnu Severin | Private | - | - | $1M | - | |
 Italy | Publicly listed | $189M | ($7M) | $11M | 0.5x | |
 Turkey | Publicly listed | $7M | $4M | $11M | - | |
 Croatia | Publicly listed | $29M | $4M | $11M | - | |
 Sweden | Publicly listed | $19M | ($1M) | $10M | 0.5x | |
 United Kingdom | Private | - | - | $4M | - |
Katerra Public Comps
Katerra is defunct now, but its public comps included ScanTech AI Systems, Founder Group Limited, Related Blocks, Energopetrol Company, Olenox Industries, Reitar Logtech Holdings, Eco5tech and Polledo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $542K | ($11M) | 46.6x | - | (2.4x) | - | |||
| $30M | $518K | 0.4x | - | 23.0x | - | |||
| - | - | - | - | - | - | |||
| $42K | ($200K) | 8.7x | - | (1.8x) | - | |||
| $3M | ($15M) | 10.2x | - | (2.0x) | - | |||
| $28M | ($15M) | 2.0x | - | (3.8x) | - | |||
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Common questions about Katerra
| What happened to Katerra? | Katerra is not operational anymore and insolvent as of 7 June 2021. |
| When was Katerra founded? | Katerra was founded in 2015. |
| Where was Katerra headquartered? | Katerra was headquartered in San Francisco, CA, United States. |
| Was Katerra publicly listed? | No, Katerra was a private, VC-backed company. |
| What was Katerra's valuation? | Katerra was last valued at $3B in its Series D in September 2018. |
| How much did Katerra raise? | Katerra raised $1.6B across 10 funding rounds. |
| What was Katerra's last funding round? | Katerra's last funding round was a $200M undisclosed-stage round in January 2021, led by SoftBank Group. |
| Who were Katerra's investors? | Katerra's investors included SoftBank Group, Celesta Capital, Foxconn, RiverPark Ventures, Greenoaks, Four Score Capital, Lucas Venture Group, Khosla Ventures, DFJ Growth, Investopad and 5 others. |
| What was Katerra's revenue? | Katerra's last recorded revenue was $1.8B (January 2021). |
| Who were Katerra's competitors? | Katerra's competitors included ZM Constructions Limited, Ediliziacrobatica, San-El Mühendislik, Tehnika, ES Group and Hillnic. |
| How many companies did Katerra acquire? | Katerra acquired 3 companies, including Bristlecone Construction Corp., Lord Aeck Sargent and Michael Green Architecture. |
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