Katerra, with several Valley projects underway, is shutting down

(Photo via Katerra Facebook)

By Cromwell Schubarth | Phoenix Business Journal

Construction startup Katerra Inc., which had raised more than $2 billion since it was founded in 2015, is reportedly shutting down.

The company, which was based in Menlo Park, California until recently, told employees Tuesday it plans to cease operations, The Information reported. It will let go thousands of employees and is likely to walk away from dozens of construction projects it had agreed to build, according to the report.

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