Prefab startup wunderkind Katerra is shutting down

Katerra, the modular prefabrication startup and timber innovator that acquired Michael Green Architecture (MGA) and Lord Aeck Sargent in 2018, is reportedly shutting down. According to internal communications obtained by The Information today, June 1, the company plans on letting its thousands of employees go and dropping its current construction projects. What’s more, it appears Katerra doesn’t have enough money in the bank to pay severance packages or unredeemed time off.

This all comes after Japanese conglomerate SoftBank heaped another $200 million onto Katerra at the start of 2021, giving it a majority stake in the company. (SoftBank previously invested $2 billion in the company.) At the time, AN reported that

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