Latest round of funding values startup at $23 billion. Boring Co. has secured $3 billion in fresh funding, led by UAE-based entities, valuing Elon Musk’s tunneling startup at $23 billion.
The injection will support large-scale deployment of underground transport infrastructure across the UAE, including more than 150 kilometers of tunnels, according to the company.
“Building upon significant existing success collaborating with the UAE on Dubai Loop, this strategic investment will accelerate the partnership to deploy mass quantities of underground infrastructure across the UAE,” the company said.
“The Boring Company’s Loop system has safely carried more than four million passengers in Las Vegas since 2021, and the company is advancing projects across multiple markets worldwide…. The technology has moved beyond proof of concept,” said Shamal Holding, a Dubai-based global investment company, without revealing details of its investment.
Other investors
Investors in the Series D funding round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital, alongside existing and new backers.
The agreement is in addition to the Dubai Loop project previously awarded, the company said.
The funding is an important move for Boring, which has made little progress over the past decade in realising the grand visions of a futuristic and ultra-fast underground hyperloop that Musk had hyped. In addition to the company’s flagship Vegas Loop, Boring broke ground this year on a tunnel in Nashville, Tennessee, plus it has the project in Dubai.
The completion of the funding round despite the unusual requests shows investor enthusiasm in backing ventures of the serial entrepreneur and billionaire. Musk has successfully commercialized pioneering technologies with Tesla Inc. and SpaceX, with the latter recording a record-breaking IPO in June.
Source: Gulf News
