Elon Musk, (c) Reuters
The company announced the completion of the round in a statement. Elon Musk responded to the news with a brief post: “Congrats Boring Company team!”.
Who invested in The Boring Company
In addition to investors from the UAE, Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz (a16z), Temasek, Shamal Holding and Baron Capital took part in the Series D round. Other existing and new investors in the company also participated in the funding.
The round thus brought together public and private capital, including a number of major international investment firms. In its statement, The Boring Company emphasised investors’ interest in tunnel-building technologies that can be scaled up to tackle transport challenges in major cities.
For Musk’s company, this new funding round represents a significant boost to its financial capabilities. With a valuation of $23 billion, The Boring Company has become one of the most valuable private infrastructure and technology companies.
A focus on underground transport
The Boring Company’s core business involves the construction of underground transport tunnels. The company positions these as a way to reduce congestion on urban roads and cut journey times.
In its announcement regarding the funding round, the company presented an image of a vehicle travelling through a tunnel that has already been built, highlighting the transition from technology development to the implementation of infrastructure projects.
The new capital will enable the company to continue developing its tunnel infrastructure and expand its urban transport projects. However, the statement did not disclose the specific areas in which the $3 billion raised will be used.
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