The Boring Company has raised a $3 billion Series D led by the United Arab Emirates, bringing the tunneling startup’s valuation to $23 billion.
The company said Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners also participated in the round. It plans to build more than 150 kilometers of tunnels in the UAE.
The financing follows reports that the company was seeking as much as $4 billion. The new round also expands its focus beyond the United States, where most of its work has taken place so far.
In Las Vegas, Nevada, The Boring Company operates tunnels linking hotel casinos with the convention center. It has also begun work on a 10-mile underground loop in Nashville, Tennessee.
Founded by Elon Musk, the company aims to reduce traffic by moving vehicles through underground, three-dimensional tunnel networks.
Source: TechCrunch
