The Boring Company has raised $113 million in fresh capital, according to a regulatory filing.
The company told Bloomberg that roughly $100 million of the total amount came from CEO Elon Musk and the rest from early employees. No no venture capitalists or outside investors participated.
This is the first round of funding disclosed to the Securities and Exchange Commission. The company previously raised capital selling branded merchandise like hats and flamethrowers, which netted more than $10 million. Musk recently said the company will turn material removed during the Boring Company’s tunneling into interlocking bricks that will be sold as kits to construct “sculptures and buildings.”
The Boring Company was founded to “solve the problem of soul-destroying traffic.” It plans to use electric skates to carry people and freight through its tunnels, as well as Hyperloop pods for long-distance, high-speed travel. For instance, the company hopes enable trips of less than 30 minutes between New York and Washington D.C.