The Boring Company raises $3B in round led by UAE
The Boring Company has secured $3 billion in Series D funding, led by the UAE, to expand its underground tunneling projects. The company aims to address traffic congestion by building extensive tunnel networks, including new projects in the Middle East.
Why it matters
This significant investment signals continued interest in alternative transportation infrastructure and strengthens the company's global expansion plans.
Elon Musk’s tunneling play, The Boring Company, has raised a $3 billion Series D funding round that pushes its valuation to $23 billion.
The round was led by the United Arab Emirates. The Boring Company said Thursday that it now plans to dig more than 150 kilometers of tunnels in the Middle Eastern country. Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity partners also participated.
The Wall Street Journal reported in July that The Boring Company was looking to raise as much as $4 billion .
The Boring Company has done most of its digging to date in Las Vegas, Nevada, where it operates a handful of tunnels that connect hotel casinos and the convention center. It recently started work on a project in Nashville, Tennessee that will involve a 10-mile “loop” underground.
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