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SoftBank-Backed Katerra to Shut Down

The company had promised to remake the construction industry but struggled in recent years. 

    
Photographer: Ty Wright/Bloomberg

Construction startup Katerra Inc. is shutting down, according to a person familiar with the matter, a dramatic collapse for a company that raised about $2 billion from investors including SoftBank Group Corp.

Katerra, founded in 2015, had promised to shake up the construction industry with its efficient factories, prefab parts and modular construction units. The company has said it was working in countries including the U.S., India and Saudi Arabia. In February of last year, Katerra’s marketing materials touted 8,000 employees across the globe.