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Musk’s Tunnel Startup The Boring Company Raises $3 Billion at $23 Billion Valuation
The company will use the money to expand more than 150 km of underground infrastructure across the UAE and add staff in engineering, production and operations.
- On Wednesday, The Boring Company announced a $3 billion funding round led by the United Arab Emirates and affiliated investment entities, valuing the tunnel construction startup at $23 billion.
- Billionaire Elon Musk founded The Boring Company in 2017 after complaining about traffic congestion, subsequently proposing a network of underground transportation routes to alleviate gridlock.
- The company's valuation grew from $5.7 billion in 2022, with this latest round attracting Sequoia Capital, Andreessen Horowitz, Temasek, Human Capital, Vy Capital, Valor Equity Partners, Shamal Holding, and Baron Capital.
- Proceeds will support increased hiring across engineering, production, and operations while the company expands Loop projects in Las Vegas, Nashville, and Dubai.
- The company plans to develop more than 93 miles of underground infrastructure across the UAE, building on its previously announced Dubai Loop project.
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Elon Musk's tunneling company, The Boring Company, has closed a $3 billion funding round, valuing the company at $23 billion. The new funds will be used to accelerate the expansion of the underground transportation network, Investing.com reported. We'll be covering similar topics at our Portfolio Investment Day conference on October 21. One of the biggest investment events of the year is coming up, where professional experts will tell you what t…
·Budapest, Hungary
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With the Boring Company, Elon Musk is building underground tunnels. The company is now securing fresh capital from the Emirates – and is now valued at 23 billion dollars.
·Düsseldorf, Germany
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Musk's tunnel startup The Boring Company raises $3 billion at $23 ...
·London, United Kingdom
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