Monday, April 25, 2022

Boring Company Raises $675M, But Bails On LA

The Boring Company, the tunneling and hyperloop transportation company run by Elon Musk, has raised $675M, but has moved its headquarters and operations out of Los Angeles. According to The Boring Company, it raised $675M in a Series C funding, which values the company at $5.675 billion. The funding came from Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth, along with real estate companies Brookfield, Lennar, Tishman Speyer, and Dacra. The Boring Company is now headquartered in Austin, and--based on the company's job listings--has pulled out of LA's technology jobs market.