Venture capital-funded construction startup Katerra Inc. entered a $650 million contract with the Saudi Arabian government to build 8,000 homes, The Real Deal reported, citing the company.
The Saudi Arabia contract is part of a larger $40 billion nonbinding agreement Katerra signed with the government in October 2018.
The new project follows setbacks at the end of 2019, including laying off 200 staff, closing a factory, and a co-founder leaving the board, The Real Deal noted.
The startup, backed by SoftBank Corp., declined to comment further, the publication said.
Katerra offers a vertically integrated model for construction and provides design, software, pre-construction and construction services.