Elon Musk’s The Boring Company has raised $675 million in Series C funding round, which now values the tunneling enterprise at $5.675 billion, the company said on Wednesday, adding that the proceeds will be used to ramp up its hiring across sectors.
The Austin, Texas-based company, which plans to expand its workforce in engineering, operations, and production to scale up its Loop projects, said the funding round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
