Another SoftBank-backed startup has imploded. The construction startup Katerra, which aimed to transform the $12 trillion global construction industry, told employees this week that it is shutting down, The Information reported, citing sources familiar with the matter. According to the publication, the company plans to cut thousands of jobs "potentially without paying out severance packages or unused time off" and may end up walking away from construction jobs it was contracted to build. Katerra was founded in 2015, and had received more than $1 billion in funding from SoftBank, which had also poured money into WeWork. At one point, it was valued at $4 billion.
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