The Boring Company raised $675 million in its Series C funding round, giving the company a $5.675 billion valuation.
Vy Capital and Sequoia Capital led the Series C funding. This round had participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth.
In addition, several real estate partners joined this round, including Lennar, Brookfield, Tishman Speyer and Dacra.
This latest round of funding will allow the company to continue to work toward their three-pronged mission.
- Solve Traffic through an extensive network of tunnels to alleviate congestion in any city.
- Beautify Cities by placing transportation systems underground to free up valuable surface land for green spaces, recreation, and pedestrians.
- Enable Rapid Point to Point Transportation through the intra-city Loop and inter-city Hyperloop.
Currently, the Boring Company has one operational Loop at the Las Vegas Conference Center.
In addition, the company has two approved extensions, including one that will connect the Las Vegas Convention Center and Resorts World.
The second extension is the Vegas Loop which will connect the Las Vegas Convention Center to multiple properties along the strip, the Harry Reid International Airport, Allegiant Stadium and downtown Las Vegas.
The company also has several projects in planning, including three in Texas.