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Musk's Boring Co raises $117 mn in latest funding round from 20 investors

In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds

Reuters 

Elon Musk
Elon Musk. Photo: Wikimedia Commons

Elon Musk's Boring Co raised about $117 million in its latest round of from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

The company had raised $112.5 million in equity in April last year, with Musk investing 90 per cent of the amount, as the company seeks to build underground tunnels for hyperloop transportation project.

Boring Co did not provide details on the

Musk, who also leads electric-car maker Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds.

The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.

 

First Published: Sun, July 28 2019. 10:20 IST
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