Key takeaways
- The Boring Company, founded by Elon Musk, has raised USD 675 million in a Series C funding round.
- The company is now valued at USD 5.675 billion following this investment from prominent investors.
- Funds will primarily be used to expand hiring and enhance production for tunnel projects like Loop.
- The Boring Company aims to create cost-effective transportation solutions to alleviate urban traffic issues.
The Boring Company, founded by Elon Musk, has raised USD 675M at a USD 5.675B valuation from A-list investors. The Boring Company, in its tweet, said, “Purpose is to recruit amazing people, scale-up boring machine production & build thousands of miles of tunnels.”
Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic,” said Elon Musk.
The company announced, “Our Series C funding round of USD 675 million, led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The financing now values The Boring Company at USD 5.675 billion.” The company also said a group of leading real estate partners, including Brookfield, Lennar, Tishman Speyer and Darca, are joining the round.
About TBC
The Boring Company creates safe, fast-to-dig, low-cost transportation, utility, and freight tunnels. The company spent the last five years building core technologies designed to solve traffic and beautify cities via Loop and Hyperloop.
The funds from this round will be utilised to increase hiring across engineering, operations significantly, and production to build and scale Loop projects, including Vegas Loop and others, and accelerate the research and development of Prufrock and future products.
The Boring Company is hiring for numerous roles and seeks talented individuals ready to get their hands dirty to make a meaningful impact that will last for generations to come. Those interested can apply today at boringcompany.com/careers.
