Elon Musk’s Boring Company lands largest investment deal in Austin history

[TruckElectric]

Elon Musk’s Boring Company lands largest investment deal in Austin history
by: Brent Wistrom
Posted: Apr 22, 2022 / 03:52 PM CDT
Updated: Apr 22, 2022 / 03:52 PM CDT


AUSTIN (Austin Business Journal) — Elon Musk’s The Boring Company announced Wednesday it has raised $675 million series C investment that gives the tunneling startup a nearly $5.7 billion valuation.

The deal is the largest venture investment ever in the Austin area. The next closest was the $300 million series E investment secured earlier this year by energy industry labor marketplace Workrise, which laid off an undisclosed number of staffers in late March.

Boring Co.’s massive funding 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. 8VC declined to comment and officials from Boring Co. couldn’t immediately be reached for comment.

The Boring Company has only recently begun calling Pflugerville its headquarters after years being based in Palo Alto, Calif. It initially established its Pflugerville space, now its HQ, in December 2020. Its HQ relocation and big funding round come as it ramps up activities in Central Texas, including developing a facility just east of Austin in Bastrop County. It has also been in discussions for an alternative transportation system that would connect downtown San Antonio to its international airport, and a potential pedestrian tunnel in Kyle.

https://www.kxan.com/news/local/aus...ds-largest-investment-deal-in-austin-history/

 

[CyberGus]

An interesting choice, given that P'ville is a bedroom community. Their largest employer is the school district, followed by the local grocer. ?

 

[firsttruck]

An interesting choice, given that P'ville is a bedroom community. Their largest employer is the school district, followed by the local grocer. ?

Maybe using strategy of defense contractors that spread parts production over many locations so more politicians and taxpayers will support government spending for the defense contractors products.

 

[CyberGus]

Maybe using strategy of defense contractors that spread parts production over many locations so more politicians and taxpayers will support government spending for the defense contractors products.

Perhaps, but P'ville has little in the way of incentives. Municipal funding comes mostly from business tax, but spending is mostly on households. As a bedroom community, they have very little latitude in discretionary expenditures.

 

[TruckElectric]

An interesting choice, given that P'ville is a bedroom community. Their largest employer is the school district, followed by the local grocer. ?

Address is 15709 Impact Way right off 130 and just down the road (16.1 miles) is Giga Austin. And 3 miles to Austin Executive Airport.

 

[firsttruck]

Perhaps, but P'ville has little in the way of incentives. Municipal funding comes mostly from business tax, but spending is mostly on households. As a bedroom community, they have very little latitude in discretionary expenditures.

Agree they don't have any direct influence but any spreading can add a few more political voices to put pressure on state or federal level decision makers that do.
One example is Tesla still needs Texas state legislature to change car dealership laws.
If Boring Co. has 2-3 seperate locations from Tesla Austin main there are more Texas politicians and Texas voters to support Elon's companies and push back against the dealership lobbyists.

Another issue is Boring Company could grow substantially in the future and being too close to what will be an even huger Tesla factory complex would put even more strain on the surrounding local government services, schools, roadway traffic congestion, worker housing availability.

 

[TruckElectric]

 

[TruckElectric]

An interesting choice, given that P'ville is a bedroom community. Their largest employer is the school district, followed by the local grocer. ?

Hmmmmmm, just temporary digs?