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The Boring Company, a tunnel construction startup founded by billionaire Elon Musk, has raised $3 billion in a new funding round that values it at $23 billion, according to a statement on Wednesday.
Here are some details:
- The funding round was led by the United Arab Emirates and affiliated investment entities.
- Other participants included Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital.
- Proceeds would support an expanded partnership to develop more than 150 km (93 miles) of underground infrastructure across the UAE, building on its previously announced Dubai Loop project.
- The Boring Company also plans to use the funds to increase hiring across engineering, production and operations while expanding Loop projects in Las Vegas, Nashville and Dubai.
- Last year, the company and Dubai’s Roads and Transport Authority signed a preliminary agreement to build the Dubai Loop, an underground high-speed transport network.
- The latest fundraising marks a sharp increase in the company’s valuation from 2022, when it was valued at $5.7 billion following a $675 million funding round.
- Musk founded The Boring Company in 2017 after complaining about traffic congestion, subsequently proposing a network of underground transportation routes.