Hyperloop One is already in the process of raising a Series C financing that could reach $250 million by early next year, per documents seen by Forbes. The capital would go toward the company’s plans to build high-speed transportation networks in a number of locations, the cost of which will likely greatly exceed initial estimates, according to the leaked documents.
Hyperloop One
The news comes less than two weeks after Hyperloop One announced a $50 million investment led by DP World, bringing the company’s total funding to about $152 million from a long list of investors including 137 Ventures, Sherpa Capital and Vast Ventures.
A $250 million financing would be substantially larger than any of Hyperloop One’s previous rounds, but it reflects the backing likely needed to execute on lofty plans for new infrastructure. The company reportedly plans to launch a hyperloop carrying freight by 2020 and one to transport passengers by 2021—an aggressive timeline for a business that’s yet to publicly prove the functionality or feasibility of its technology.
Read our previous Hyperloop One coverage here or check out the company’s public profile.
Article by PitchBook
