Elon Musk’s Boring Co. raises $113 million to chase a pipe dream – TechCrunch
Elon Musk’s tunneling startup The Boring Company has raised $113 million to fund its vision of the near/distant future of transportation, according to newly-filed SEC docs first spotted by CNBC.
The startup, which is centered around the goal of creating underground tunnels, plays a central part in Musk’s integrated view of urban transportation that he hopes will shape how the public moves about in a quick and efficient way. Last month, Musk announced that the company would be adjusting its plans to prioritize pedestrian traffic over vehicles.
A major part of the company’s early efforts have been in fighting for permits and contracts with city governments. Though Musk hopes to use the company to alleviate the problems of LA traffic, the company is also currently actively engaged in other cities across the U.S.
Today’s documents don’t offer much insight into the details of the round beyond the cash amount of the fact that there were 31 undisclosed participants in the equity funding. The company has gotten some press for its less than conventional “fundraising methods” so far where it has sold pre-orders of branded hats and, yes, flame throwers.