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Katerra, a Silicon Valley provider of services to the construction industry, has raised $130 million in Series C funding led by Greenoaks Capital at a valuation north of $1 billion. Per a press release, the company says its model "combines technology, design, material sourcing, manufacturing, logistics and construction into a single integrated offering."

Investment thesis: The bet here is that the building construction supply chain isn't really all that different from the computer manufacturing supply chain. The common link is Katerra executive chairman Michael Marks, who faced similar supply chain skepticism in his early days of leading Flextronics. Marks also has spent time in private equity (KKR and Riverwood Equity) and as interim CEO of Tesla Motors.

Bottom line: "Although several companies compete with Katerra in different areas — Prescient builds frames and panels for developers in its own manufacturing plant while Rhumbix sells software to track construction costs — Marks said Katerra stands out for wanting to do everything. The risk, however, is that Katerra is taking on too many different tasks." ― Jonathan Vanian, Fortune

Go deeper

2 mins ago - World

First look: Jill Biden’s troops trip

First lady Jill Biden speaks last week at the White House. Photo: Olivier Douliery/AFP via Getty Images

First lady Jill Biden on Monday will visit the military base that's home to pilots and aircrews who helped conduct the airlift out of Kabul to thank the service members and their families for their support in ending the 20-year war in Afghanistan.

Why it matters: When she stops at the crews' home at Joint Base Charleston in South Carolina, the first lady will be their most high-profile member from the Biden administration since the airlift ended on Aug. 31.

Pelosi expects “billionaire’s tax” to pay for Biden social spending

Photo: Yasin Ozturk/Anadolu Agency via Getty Images

House Speaker Nancy Pelosi (D-Calif.) said Sunday she expects the chamber to pass the bipartisan infrastructure plan by week’s end, and alternatives to corporate tax hikes and a “billionaires tax” will be used to finance President Biden’s promised expansion to the social safety net.

Why it matters: Pelosi’s comments come as House and Senate leaders try to wrap up a deal. What will get cut — and how the remainder will be paid — are linchpins to a final agreement.

Dan Primack, author of Pro Rata
4 mins ago - Axios on HBO

FTX CEO Sam Bankman-Fried mystified by value of NFTs

Crypto exchange FTX, valued last week at $25 billion, recently launched an NFT marketplace by selling an image of the word "Test" for $270,000.

  • FTX founder and CEO Sam Bankman-Fried tells "Axios on HBO" that he doesn't quite understand the appeal, but adds that he doesn't personally appreciate many visual arts.