Musk's Boring Company raises $675 million, including from Vy Capital's Adeyemi
Elon Musk's tunneling startup, The Boring Company, raised $675 million in a funding round, according to a regulatory filing.
The company said that it will use the proceeds to increase production and expand its Loop transportation service.
The fundraising round was led by Sequoia Capital and Vy Capital, according to the filing. The Boring Company raised the money by selling shares at $57 per share, giving the company a post-money valuation of $5.7 billion.
Vy Capital's Adeyemi is a Nigerian-born investor who has made a name for himself in the tech industry. He is the founder and managing partner of Vy Capital, a venture capital firm that invests in early-stage tech companies. Adeyemi is also a board member of Twitter and was an early investor in Spotify.
The Boring Company was founded in 2016 by Musk, the CEO of Tesla and SpaceX. The company is developing a high-speed transportation system that uses tunnels to move people and goods.
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