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Ex-Flex CEO raises $130 million to disrupt construction

Dan Primack, author of Pro Rata

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

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14 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

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Ashley Gold
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Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

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Alayna Treene, author of Sneak Peek
2 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.

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