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    Friday, June 20

    Elon Musk’s Boring Company Raises $113 Million

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    By on Funding, Innovation, Transportation

    The Boring Company, Elon Musk’s tunnelling startup, has raised $113 million in equity to fund his underground transport tunnel. Among the funding round’s investors is Musk himself, who financed more than 90% or roughly $100 million of the total amount.

    The amount of the Boring Company’s funding was disclosed in the company’s US securities filing. According to the SEC document, the latest financing round involved 31 investors, featuring Musk and 30 unnamed individuals who covered the remaining ~10% of the $113 million.

    Interestingly, Elon Musk is not listed in the Boring Company’s SEC filing. The document, which could be viewed here, only lists two names — Jared Birchall, who is involved in Musk’s Neuralink initiative, and Steve Davis, a SpaceX engineer.

    Before the filing, The Boring Company has been raising money in rather unconventional ways, such as selling novel merchandise like hats and flamethrowers. Earlier this year, the Boring Company Flamethrower (later renamed to Not a Flamethrower), sold 50,000 units at $500 each, raising $10 million for the tunnelling startup. The sale lasted only for a few days.
    The Boring Company was founded by Elon Musk almost as a result of Twitter banter with his followers, with the billionaire entrepreneur stating that an underground tunnel system is key to solving traffic problems.
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