Katerra, a technology-enabled construction company, says its shareholders have approved a recapitalization of the business that will enable the company to stay in business.
Katerra, a technology-enabled construction company, says its shareholders have approved a recapitalization of the business that will enable the company to avoid bankruptcy and stay in business. The company sells building platforms, structural systems like truss assemblies, as well as cross-laminated timber, commercial glass and more. It aims to use technology and modern building materials to “help address some of the industry’s most entrenched challenges.”
The approved recapitalization will strengthen Katerra’s balance sheet by eliminating significant debt and providing $200 million of new funding, principally from SoftBank Vision Fund 1. As Katerra exits 2020 with nearly $2 billion in revenue, this new funding enables Katerra to continue its focus on delivering design and construction services for customers. Its business lines include:
- Commercial release of Katerra’s first building platform, a multifamily garden walk-up building designed as a configurable product and offering cost and schedule predictability for developer customers.
- Continued growth of the North American mass timber market, leveraging Katerra’s cross-laminated timber manufacturing, design and installation capabilities.
- Growth of Katerra’s national network of general contracting, renovations and affiliated design partners, which will support deployment of Katerra’s building platforms, as well as traditional construction projects.
- Advancement of Katerra’s businesses in Saudi Arabia and India, both of which are