Company executes planned succession and raises $200M in new round of financing
Menlo Park, CA – May 19, 2020 – Katerra, a technology company redefining the construction industry, today announced that Paal Kibsgaard has been named CEO. Paal joined Katerra in 2019 as its Chief Operating Officer and has served on Katerra’s Board of Directors since 2016.
In addition to this appointment, Katerra has raised several hundred million in new financing from SoftBank Vision Fund. The investment strengthens the company’s balance sheet and ensures it is well-positioned for long-term growth.
Kibsgaard succeeds outgoing CEO and co-founder Michael Marks. Marks started Katerra in 2015 with the goal of using technology to transform the construction industry. Under his leadership, Katerra has grown to a multi-faceted, tech-enabled construction company with more than 6,000 multifamily units under construction and 8,000 employees worldwide. Since 2015, Katerra’s revenue has grown more than 20-fold and the company was recently named by the National Multifamily Housing Council (NMHC) as the #5 top builder in the United States.
Paal Kibsgaard said of his appointment “I’m honored to take on this new role. Five years ago, Michael Marks set forth an incredible vision for a vertically integrated company offering a comprehensive suite of building products and services. Today more than ever, we’re seeing increased demand for technological and design innovations that offer greater budget, schedule, and risk predictability. Katerra is well-positioned to meet those needs and to deliver on our mission of smarter building and better communities, for everyone. I look forward to working with the rest of the Katerra team to execute this vision.”
Before Katerra, Kibsgaard was the chairman and CEO of Schlumberger Limited, a multi-billion dollar international oilfield services company. He has deep expertise in operations. During his tenure at Schlumberger, Kibsgaard also held a variety of global senior management positions including COO; president of the Reservoir Characterization Group; vice president of engineering, manufacturing and sustaining; and vice president of human resources. A petroleum engineer with a master’s degree from the Norwegian Institute of Technology, Kibsgaard began his career in 1992 working for ExxonMobil. He was named best CEO in Oilfield Services and Equipment by Institutional Investor Magazine for four consecutive years from 2016 to 2019.
Michael Marks added, “We brought Paal into Katerra with the intention of someday appointing him CEO. Operational excellence will be instrumental to our long-term success as we come out of the COVID crisis, and now is the right time to put Paal’s experience to work as CEO.”
Marks is a general partner at venture capital firm WRVI Capital in Menlo Park, and plans to move full time into that role.
Jeff Housenbold, managing partner at SoftBank Vision Fund said, “The board is excited to welcome Paal to the role of CEO as he builds on the foundation Michael established as founder of Katerra. The new round of financing further strengthens Katerra’s balance sheet, enhances its competitive positioning, and provides growth capital as Katerra executes on its mission to radically transform the way people build commercial and residential properties.”
Paal Kibsgaard Bio
Paal is the CEO for Katerra. Before Katerra, Paal held a variety of global senior management positions at Schlumberger Limited including chairman and CEO; COO; president of the Reservoir Characterization Group; vice president of engineering, manufacturing and sustaining; and vice president of human resources. Earlier in his Schlumberger career, Paal was geomarket manager for the Caspian region after holding various field positions in sales and marketing, and customer support. A petroleum engineer with a master’s degree from the Norwegian Institute of Technology, Paal began his career in 1992 working for ExxonMobil. He was named best CEO in Oilfield Services and Equipment by Institutional Investor Magazine for four consecutive years from 2016 to 2019.
Michael Marks Bio
Michael Marks is a founding managing partner of WRVI Capital — a technology venture fund established in 2019 focused on accelerating the monetization and scaling of disruptive companies globally. Michael is also the founding managing partner of WRV Capital — a technology venture fund. He is also a general (and founding) partner at Riverwood Capital, a private equity fund, and the founder of Katerra, Inc. Michael was a partner and senior advisor at Kohlberg Kravis Roberts & Co. in 2006 and 2007. Prior to KKR, Michael spent 13 years as CEO, and then chairman, of Flextronics International Ltd., building it into one of the largest technology companies in the world.
Katerra is a technology company optimizing every aspect of building design, materials supply, and construction. With leaders from the most groundbreaking technology, design, manufacturing, and construction companies, Katerra transforms how buildings and spaces come to life. Founded in 2015, Katerra has a number of domestic and international offices, factories and building projects. For more information, visit www.katerra.com.
Robin Clewley | VP, Marketing & Communications, Katerra