20 February 2018

Carey Olsen advises SoftBank on $865 million investment in startup Katerra

Offshore law firm Carey Olsen has advised SoftBank Group Corporation and its Vision Fund on the $865 million investment into Katerra, the construction technology startup.

SoftBank Vision Fund L.P., which made headlines when it became the world's largest ever investment fund after raising $93 billion in committed capital last year, has made several technology-focused investments since it launched.

Michael Marks, chairman and co-founder of Katerra, said the Vision Fund investment now put Katerra's valuation at more than $3 billion, while the company also had about $1.3 billion in bookings for new construction projects. Katerra, a three-year-old Silicon Valley startup, aims to change the way housing and commercial buildings are constructed by using an assembly-line-like system to control every aspect of design and construction.

Carey Olsen partner Nick Bullmore, counsel Dylan Wiltermuth and associate Robert Coombes advised SoftBank on the Cayman Islands aspects of the Katerra investment.

"SoftBank's Vision Fund continues to make exciting investments into dynamic and innovative companies that have technology optimisation at their very core and we're delighted to be assisting them on deals such as Katerra," said Mr Bullmore.

Carey Olsen has been assisting SoftBank throughout the life of the Vision Fund, a Jersey regulated structure, and was legal adviser when the fund closed its first round of funding in May 2017.