©Reuters. FILE PHOTO: A modified Tesla Model X drives into the tunnel entrance prior to an unveiling event for Boring Co. Hawthorne’s test tunnel in Hawthorne, California, U.S. December 18, 2018. Robyn Beck/Pool via REUTERS
(Reuters) – Elon Musk’s The Boring Company has raised $675 million in its Series C funding round, which now values the tunneling company at $5.675 billion, the company said on https:// on Wednesday, adding, that the proceeds will be used to expand his company across all sectors.
The Austin, Texas-based company, which plans to expand its engineering, operations and manufacturing workforce to expand its Loop projects, said the funding round was funded by Vy Capital and Sequoia Capital with participation from Valor Equity Partners , Founders Fund, led , 8VC, Craft Ventures and DFJ Growth.
The Boring Company launched its commercial tunnel project in Las Vegas last June to transport visitors through the city’s convention center in human-powered Tesla vehicles (NASDAQ:).
Musk, who also runs electric vehicle maker Tesla Inc and rocket company SpaceX, is trying to revolutionize transportation by pod-packing passengers through an intercity system of giant underground vacuum tubes known as the Hyperloop.
Musk had previously sold Boring Company hats and flamethrowers to raise funds.
Last week, the billionaire targeted Musk Twitter Inc (NYSE:) with a $43 billion cash tender offer. His offer price of $54.20 per share was a 38% premium to Twitter’s closing price on April 1, the last day of trading before announcing his 9.1% stake in the social media platform.
https://www.investing.com/news/stock-market-news/musks-boring-company-valued-at-56-billion-after-latest-funding-round-2807430 Musk’s Boring Company is valued at $5.6 billion by Reuters following the latest round of funding