The biggest local VC deal ever
Brent: The world has never seen this kind of entrepreneur, and the Austin area has never seen this big of a venture capital investment.
Elon Musk's The Boring Company on April 20 announced it has raised $675M series C investment that gives the tunneling company a nearly $5.7B valuation.
The funding deal is the largest venture investment ever in the Austin area. The next closest was the $300M series E investment secured earlier this year by energy industry labor marketplace Workrise, which laid off many staffers in late March.
The Boring Company's massive fundraise was led by Vy Capital and Sequoia Capital. Others in on the round included Valor Equity Partners, Founders Fund, Austin-based 8VC, Craft Ventures and DFJ Growth. Company officials couldn't be reached Thursday for additional comment.
In a tweet, Musk said: "Please consider working at The Boring Company! Our goal is to solve traffic, which plagues every major city on Earth."
The company has listed 40 Austin area jobs on its careers page, including roles in software development, electrical and mechanical engineering, finance, facilities management, concrete work and internships.
Morgan Flager, a managing partner at Austin-based Silverton Partners, wasn't part of The Boring Company's funding round. But he said VC firms getting into a deal of this magnitude typically do so because they envision a potential $15B to $20B outcome.
“You have a guy who has created a few of those," he said of Musk. “Even in bad market conditions, there are always exceptions. There are always points of light.”
More on The Boring Company's local projects.