Funding Secured: Elon Musk’s Boring Company receives $120 million investment


26, 2019

Author Atiya // in News

When he’s not working on EVs, rockets or brain implants, Elon Musk is busy with several electric transportation projects.

Tesla’s boring company just secured a $50 million contract to build a unique electric transportation system inside a tunnel at the Last Vegas Convention Centre.

Other projects include one new tunnel and “loop” that leads you to Chicago and one loop that can take you to the Dodger Stadium in four minutes.

While the company managed to raise $112 million, they are now accepting contributions from outside investors; making it the first Tesla startup project to be funded by the client.

Steve Jurvetson, longtime venture capitalist, confirmed his participation in the fundraising with his newe VC firm- Future Ventures.  He has also invested in most of Musk’s ventures in the past.

The four-largest tunnel companies in the US were founded in the 1800s. Like the automotive and aerospace sectors, they haven’t faced a disruptive new entrant in their management’s collective lifetime.

Other ventures include 8VC, Vy Capital, Craft Ventures, Valor Capital and DFJ.

Bloomberg reported the following:

 The company authorized the sale of $120 million in stock, according to a securities filing that was obtained by the Prime Unicorn Index, a company that tracks the performance of private US companies, and reviewed by Bloomberg News.

Musk claims that as soon as the end of this year, we’ll see the creation of the first fully functional tunnel and transportation system deployed by the company.

Source: electrek

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