{"id":126173,"date":"2021-01-08T15:47:12","date_gmt":"2021-01-08T20:47:12","guid":{"rendered":"https:\/\/www.constructionspecifier.com\/?p=126173"},"modified":"2021-01-08T15:47:12","modified_gmt":"2021-01-08T20:47:12","slug":"softbank-rescues-katerra-with-200-m-investment-takes-majority-stake","status":"publish","type":"post","link":"https:\/\/www.constructionspecifier.com\/softbank-rescues-katerra-with-200-m-investment-takes-majority-stake\/","title":{"rendered":"SoftBank rescues Katerra with $200-M investment, takes majority stake"},"content":{"rendered":"
\"Japanese<\/a>
Japanese investment company SoftBank has rescued Katerra with a $200-million investment and also taken majority stake in the company.<\/span>
Photo courtesy Katerra<\/span><\/em><\/figcaption><\/figure>\n

Technology-driven offsite construction company Katerra<\/a> has been bailed out by Japanese investment conglomerate SoftBank<\/a>. The approved recapitalization will strengthen Katerra\u2019s balance sheet by eliminating significant debt and providing $200 million of new funding, principally from SoftBank Vision Fund 1.<\/p>\n

According to the\u00a0Wall Street Journal<\/em><\/a>, this funding is in addition to the roughly $2 billion SoftBank has already invested in Katerra. \u201cUnder the plan, the Japanese investment firm\u2019s stake in Katerra will grow to give it a majority stake, while other investors will see their stakes severely diluted,\u201d the\u00a0Wall Street Journal<\/em> reported.<\/p>\n

In an e-mail to employees, Katerra\u2019s CEO Paal Kibsgaard wrote \u201c\u2026along Katerra\u2019s journey we have also experienced challenges and missteps. As with many startups and disruptors, Katerra pursued a path of lightning-speed growth, expanding rapidly into new geographies and business lines with a cost-intensive program that included high capital investments and R&D spend. As a result, and despite the positive intentions, Katerra at times became overcommitted and spread itself too thin. Accordingly, the company spent substantial amounts of investor capital while establishing and growing numerous businesses in parallel\u2014ultimately more than we could fully develop and maintain all at once within this very capital-intensive industry.\u201d<\/p>\n

\u201cThe decision to recapitalize follows a thorough review of options available to us to enhance our financial strength and ensure Katerra\u2019s ability to continue to pursue our goal of transforming the construction industry,\u201d said Kibsgaard. \u201cSince taking over as CEO in July 2020, my team and I have been hard at work reducing costs and refocusing on our core businesses. We believe that this strategic and operational realignment, supported by SoftBank, is in the best interest of all stakeholders and will provide Katerra with the financial flexibility and resources needed to invest in areas that have the most promising growth trajectory.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Japanese investment company SoftBank has rescued Katerra with a $200-million investment and also taken majority stake in the company.<\/p>\n","protected":false},"author":13542,"featured_media":126174,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1029],"tags":[5521,6218],"class_list":["post-126173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-katerra","tag-softbank","entry"],"acf":[],"yoast_head":"\nSoftBank rescues Katerra with $200-M investment, takes majority stake - The Construction Specifier<\/title>\n<meta name=\"description\" content=\"Japanese investment company SoftBank has rescued Katerra with a $200-million investment and also taken majority stake in the company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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