by: Brent Wistrom
AUTIN (Austin Business Journal) – Elon Musk’s The Boring Company announced Wednesday that it has raised $675 million in Series C investment, giving the tunneling startup a valuation of nearly $5.7 billion.
The deal is the largest investment ever made in the Austin area. The next closest investment was the $300 million Series E investment secured earlier this year by energy industry labor market Workrise, which laid off an undisclosed number of employees. end of March.
Boring Co.’s massive funding was led by Vy Capital and Sequoia Capital. Other participants in the round included Valor Equity Partners, Founders Fund, Austin-based 8VC, Craft Ventures and DFJ Growth. 8VC declined to comment, and Boring Co. officials could not immediately be reached for comment.
The Boring Company only recently began calling Pflugerville its headquarters after years in Palo Alto, California. She originally established her Pflugerville space, now her headquarters, in December 2020. Its headquarters move and major funding round come as it Expands Operations in Central Texas, including developing a facility just east of Austin in Bastrop County. It has also been in talks for an alternative transportation system that would connect downtown San Antonio to its international airport and a potential pedestrian tunnel in Kyle.