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The Boring Company Raises $120M to Dig More Tunnels

The company, one of several companies led by Elon Musk, is proposing huge tunnel projects in Chicago, Las Vegas and San Jose, Calif. It just got an injection of capital as it pursues those efforts.

The Boring Company, a startup that wants to build tunnels for hyperloop and other transportation purposes, has raised a $120 million investment round.

The round, first reported by Bloomberg, includes backing from Tesla board member Steve Jurvetson and the venture capital firms 8VC, Vy Capital, Craft Ventures, Valor Capital and DJF. 8VC has invested in gov tech companies such as OpenGov and Promise, while Valor’s portfolio includes neighborhood social networking platform Nextdoor and smart garbage collection startup Rubicon Global.

The Boring Co. is one of the ventures of Elon Musk, who also leads the electric automaker Tesla and the space company SpaceX. It was included on the GovTech 100 list in 2019 for the first time after Chicago selected the company to build transportation access to O’Hare International Airport. The Boring Co. has also made progress on potential projects in Las Vegas and San Jose, Calif.

The company also raised $113 million in 2018. After the latest round, Bloomberg reports that investors value it at about $920 million.

Ben Miller is the associate editor of data and business for Government Technology. His reporting experience includes breaking news, business, community features and technical subjects. He holds a Bachelor’s degree in journalism from the Reynolds School of Journalism at the University of Nevada, Reno, and lives in Sacramento, Calif.
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