Dubai Vy Capital and consortium invested $675 million in Elon Musk transport firm

Dubai-based Vy Capital and a consortium of global investors have invested $675 million in The Boring Company, the transportation company founded by Elon Musk.

The Boring Company was founded to solve the problem of traffic by creating an underground network of tunnels. This round of $675 million, is led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The financing now values The Boring Company at $5.675 billion.

Vy Capital is a Dubai investment firm based in DIFC and invests mainly in the internet and software sector. (more details about this deal is here)

Vy Capital is listed in the Middle East Investors Directory with the code JL48.