Billionaire Elon Musk‘s tunneling company, The Boring Co., announced on Wednesday that it had raised $3 billion in its latest funding round, touting a partnership to build underground tunnels in the United Arab Emirates (UAE).
New Projects?
In an official statement, the company announced that it had secured $3 billion in funding led by the UAE and its “affiliated investment entities,” bringing the company’s total valuation to $23 billion.
The company said the expanded UAE partnership could eventually involve more than 150 km (93 miles) of underground infrastructure, building on its previously announced Dubai Loop project.
The company announced other investors, including Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital and others.
