Startup is valued at $3B
Construction-tech startup Katerra has acquired Fields Construction Company, a construction management firm, according to Bloomberg. SoftBank led an $865 million investment in the startup in January, valuing Katerra at a staggering $3 billion. Time to start spending the money!
What they do: Katerra helps build construction projects faster and at lower costs. Essentially, it’s a one-stop shop for getting a building up off the ground. By controlling all aspects of the process from design through construction, Katerra can optimize every part and make changes as it sees fit.
Buyer beware: This deal increases the amount of construction Katerra will do. Although this evolution makes sense, the company runs the risk of competing with their clients. Should be interesting to monitor.
Quotable: Co-founder Michael Farks: “It’s tech guys in Silicon Valley driving into a new industry that has never had any technology. Construction is one of the worst.”