Funding round
The Boring Company Series C
The Boring Company, which works in tunnel construction services in Las Vegas, raised $675M in a Series C round announced on 20 Apr 2022, led by Vy Capital and Sequoia Capital, at a $5.67B post-money valuation. 12 firms took part. It is The Boring Company's third venture round on record; the one before was a Growth in Jul 2019.
$675M
Amount raised
$5.67B
Post-money valuation
$5.00B pre-money
12
Investors
2 leads
6.2x
Step-up from the Growth
$920M in Jul 2019
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced The Boring Company at $5.67B after the new money, 6.2 times the $920M of its Growth (Jul 2019). The $675M bought investors about 12% of the company. It came 33 months after The Boring Company's Growth. It is 17% of the $3.91B The Boring Company has raised in the venture rounds on record. The Boring Company raised again 53 months later: a Series D round of $3.00B in Sep 2026, at $23.00B post-money.
The Boring Company's funding rounds
The Boring Company has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Vy Capital and Sequoia Capital led the round with 10 other firms.
Lead investors
- backs 22 venture-backed companies new investor
- Sequoia Capital backs 589 venture-backed companies new investor
Also in the round
- Valor backs 143 venture-backed companies new investor
- Founders Fund backs 368 venture-backed companies new investor
- 8VC new investor
- Craft Ventures backs 197 venture-backed companies new investor
- DFJ Growth backs 51 venture-backed companies new investor
- Brookfield new investor
- Lennar new investor
- Tishman Speyer new investor
- Dacra new investor
- Vika Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| UPSIDE Foods Meat Production & Processing | 21 Apr 2022 | $400M | $1.00B | Temasek and Abu Dhabi Growth Fund |
| Crusoe Hosting & Cloud Infrastructure Providers | 21 Apr 2022 | $350M | $1.75B | G2 Venture Partners |
| Grover Electronics Stores | 7 Apr 2022 | $330M | $1.00B | Energy Impact Partners |
| Remote Tech Companies | 5 Apr 2022 | $300M | $3.00B | SoftBank Vision Fund |
| Tessera Therapeutics Biotechnology | 19 Apr 2022 | $300M | not disclosed | SoftBank Vision Fund |
| Stream Financial Services | 13 Apr 2022 | $175M | not disclosed | Smash Capital and BlackRock |
| Tech Companies | 20 Apr 2022 | $170M | not disclosed | Prosus and Sanabil |
| Tech Companies | 10 Apr 2022 | $150M | $1.90B | Binance |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did The Boring Company raise in its Series C round?
The Boring Company raised $675M in its Series C round, announced in Apr 2022.
Who led The Boring Company's Series C round?
Vy Capital and Sequoia Capital led it, with Valor, Founders Fund, 8VC, Craft Ventures and DFJ Growth and 5 more.
What was The Boring Company's valuation at the Series C round?
$5.67B post-money ($5.00B pre-money).
Did The Boring Company raise again after this round?
Yes: a Series D round in Sep 2026 of $3.00B at $23.00B post-money.