Katerra recently received a fresh round of capital and appointed a new CEO. Could these moves put the company on a path to executing on its $4B project backlog?
Katerra, a vertically integrated construction unicorn, recently announced a fresh round of funding from SoftBank and the departure of its founder and CEO. Key takeaways for these moves include:
- Leadership Change — Katerra’s appointment of Paal Kibsgaard, formerly Katerra’s COO and CEO of oilfield services group Schlumberger, points to an increased focus on operation execution following years of project delays and quality control issues. Kibsgaard replaces co-founder Michael Marks.
- New Funding — Fresh funding strengthens Katerra’s balance sheet, potentially helping the company to increase production, solve quality control issues, and acquire additional companies. The $200M Series E from SoftBank brings Katerra’s total disclosed funding to $1.5B.