Katerra's rise and fall (2015-2021)
Katerra raised more than $1 billion from SoftBank and others to build a construction company that controlled design, manufacturing, and assembly. It opened factories to make building components and took on projects across the United States. The company filed for bankruptcy in 2021.
The collapse left unfinished projects and unpaid contractors.
It made investors wary of construction-tech startups that try to do too much in-house.
Reframe Systems is pursuing a similar factory-built housing model. Katerra shows how hard it is to scale construction manufacturing profitably.
