Elon Musk’s start-up The Boring Company, which builds underground highways to ease traffic congestion, has raised $675 million in Series C round, bringing its valuation up to $5.7 billion.

The round was led by Vy Capital and Sequoia Capital, with participation from other investors Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth, Bloomberg reported.

The Texas-based company, which specialises in shorter trips within cities, has been planning to expand its workforce in engineering, operations, and production to scale up its Loop project and accelerate the research and development of Prufrock, the company’s next generation tunnelling machine.

The fresh funding comes three years after Boring Co. raised $120 million at a valuation of $920 million.&nbsp;

Musk had earlier sold Boring Company hats and flamethrowers to raise funds.

The tunnelling company launched its commercial project in Las Vegas in June last year to transport visitors through the city's Convention Center using human-driven Tesla vehicles.

Apart from that, its other projects in Chicago, Los Angeles, and a connection between Washington and Baltimore have fizzled out.

The new funding round includes strategic investments by real estate companies, including Brookfield, Lennar Corp., Tishman Speyer and Dacra Development Corp.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musk-tweets-against-woke-netflix-days-after-twitter-takeover-announcement-472362">Elon Musk tweets against 'woke' Netflix days after Twitter takeover announcement</a>

Last week, Musk attempted a hostile takeover of Twitter Inc with his $43 billion cash offer.

His offer price of $54.20 per share was a 38 per cent premium to Twitter's April 1 close, the last trading day before his 9.1 per cent stake in the social media platform was made public.

Also read |&nbsp;<a href="https://www.wionews.com/world/worlds-richest-man-elon-musk-says-he-is-homeless-472174">World’s richest man Elon Musk says he is homeless</a>

The New York Post on Tuesday citing sources said that Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter private.

Watch | Elon Musk willing to invest $15 billion of his money to buy Twitter

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/elon-musk-willing-to-invest-15-billion-of-his-money-to-buy-twitter-472314/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

Elon Musk’s start-up The Boring Company, which builds underground highways to ease traffic congestion, has raised $675 million in Series C round, bringing its valuation up to $5.

Elon Musk’s start-up The Boring Company, which builds underground highways to ease traffic congestion, has raised $675 million in Series C round, bringing its valuation up to $5.7 billion. The round was led by Vy Capital and Sequoia Capital, with participation from other investors Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth, Bloomberg reported. The Texas-based company, which specialises in shorter trips within cities, has been planning to expand its workforce in engineering, operations, and production to scale up its Loop project and accelerate the research and development of Prufrock, the company’s next generation tunnelling machine. The fresh funding comes three years after Boring Co. raised $120 million at a valuation of $920 million. Musk had earlier sold Boring Company hats and flamethrowers to raise funds. The tunnelling company launched its commercial project in Las Vegas in June last year to transport visitors through the city's Convention Center using human-driven Tesla vehicles. Apart from that, its other projects in Chicago, Los Angeles, and a connection between Washington and Baltimore have fizzled out. The new funding round includes strategic investments by real estate companies, including Brookfield, Lennar Corp., Tishman Speyer and Dacra Development Corp. Also read | Elon Musk tweets against 'woke' Netflix days after Twitter takeover announcement Last week, Musk attempted a hostile takeover of Twitter Inc with his $43 billion cash offer. His offer price of $54.20 per share was a 38 per cent premium to Twitter's April 1 close, the last trading day before his 9.1 per cent stake in the social media platform was made public. Also read | World’s richest man Elon Musk says he is homeless The New York Post on Tuesday citing sources said that Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter private. Watch | Elon Musk willing to invest $15 billion of his money to buy Twitter (With inputs from agencies)

Elon Musk’s Boring Company’s valuation up to $5.7 billion after latest funding round

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

The company had raised $112.5 million in equity in April last year, with Musk investing 90% of the amount, as the company seeks to build underground tunnels for a hyperloop transportation project.&nbsp;

Boring Co did not provide details on the funding.

Musk, who also leads electric-car maker Tesla Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.&nbsp;

In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds.&nbsp;

The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.&nbsp;

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday.

Elon Musk's Boring Co raised about $117 million in its latest round of funding from 20 unnamed investors after offering to sell about $120 million in equity, the company disclosed in a regulatory filing on Friday. The company had raised $112.5 million in equity in April last year, with Musk investing 90% of the amount, as the company seeks to build underground tunnels for a hyperloop transportation project. Boring Co did not provide details on the funding. Musk, who also leads electric-car maker Tesla Inc and rocket company SpaceX, has been seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop. In the past, Musk has sold Boring Co's hats and flamethrowers to raise funds. The company has completed its project Test Tunnel, located in Hawthorne, California, and other ongoing projects include the Chicago Express Loop and the Las Vegas Convention Center Loop.

Elon Musk's Boring Co raises about $117 million in latest funding round

In Pics: Musk's hyperloop tunnel set to revolutionise underground car travel in cities

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Elon Musk’s Boring Company’s valuation up to $5.7 billion after latest funding round

Elon Musk's Boring Co raises about $117 million in latest funding round

In Pics: Musk's hyperloop tunnel set to revolutionise underground car travel in cities