The Boring Company raises $3B in round led by UAE

Elon Musk's tunneling venture, The Boring Company, has successfully closed a $3 billion Series D funding round, driving the company's valuation up to $23 billion. The massive capital injection marks a major milestone for the infrastructure startup as it prepares to scale its operations globally.

The funding round was led by the United Arab Emirates. Alongside the Middle Eastern nation, several prominent venture capital heavyweights participated, including Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity Partners. The Wall Street Journal had previously reported back in July that the tunneling company was initially seeking to raise as much as $4 billion.

Following the funding announcement, The Boring Company stated its intention to construct more than 150 kilometers of tunnels in the Middle East. Up to this point, the firm has executed the majority of its excavation work in Las Vegas, Nevada, where it runs a network of underground loops connecting hotel casinos and the convention center. Additionally, the company recently broke ground on a 10-mile underground loop project in Nashville, Tennessee.

Source: TechCrunch