SoftBank-Backed Katerra Lays Off More Than 400 Employees

Construction startup Katerra, which has raised more than $1 billion from SoftBank’s Vision Fund, laid off more than 400 people on Monday, people familiar with the matter said. It is the latest of at least four rounds of cuts at the Menlo Park, Calif.-based startup since last fall.

The layoffs amounted to 7% of the staff, a company spokesperson said. They mark one of the first major moves by new CEO Paal Kibsgaard, who took the helm of Katerra last month following the departure of co-founder Michael Marks.