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Elon Musk's Boring Co. raises almost $113 million, mostly from Musk

The company's goal is to increase the speed and lower the price of digging tunnels to reduce traffic

Elon Musk's tunnel-digging venture the Boring Co. raised $112.5 million in a recent funding round, according to a document filed Monday with the U.S. Securities and Exchange Commission.

Most of the money — more than 90% — came from Musk himself. The rest was from "early employees" of the company, according to the Boring Co.

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The company said no venture capitalists or outside investors were involved in this round.

The funding round is a more conventional method of fundraising than Musk's most recent money-maker — sales of flamethrowers. Musk, who is also chief executive of SpaceX and Tesla Inc., said in January that the Boring Co. had pre-sold 10,000 flamethrowers branded with the company logo for $500 apiece. He also said at the time that he sold about 3,000 fire extinguishers for $30 each.

The flamethrower and fire extinguisher sales came after a similar, though less flashy, fundraiser by Musk to sell 50,000 Boring Co. branded hats for $20 each.

The Boring Co. has said its goal is to increase the speed and lower the price of digging tunnels to reduce traffic congestion.

The company has already dug a tunnel across from SpaceX's headquarters with a boring machine it purchased. Last month, Musk said the company's tunnels and Hyperloop plans would prioritize pedestrians and cyclists over cars. Passengers would load into a pod with large windows that's lowered underground before it speeds on a track, according to a video Musk tweeted in March.

"Will still transport cars, but only after all personalized mass transit needs are met," Musk tweeted Mar. 9. "It's a matter of courtesy & fairness. If someone can't afford a car, they should go first."

Twitter: @smasunaga

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