Boring Company Raises $3 Billion, UAE Leads Round at $23 Billion Valuation
Elon Musk's tunneling firm secured a new funding round led by the United Arab Emirates, lifting its valuation to $23 billion.
AfroEuropa Newsroom
AfroEuropa desk
The Boring Company, Elon Musk's tunneling venture, has raised $3 billion in a new funding round that values the business at $23 billion, the company said on Wednesday.
According to Ventureburn, the round was led by the United Arab Emirates and affiliated investment entities. Other participants included Sequoia Capital, Andreessen Horowitz, Temasek, Valor Equity Partners, Vy Capital, Human Capital, Shamal Holding and Baron Capital.
The new valuation marks a fourfold increase from the company's previous mark. In 2022, The Boring Company was valued at $5.7 billion after raising $675 million.
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