Elon Musk's The Boring Company has announced that it has raised $675 million in Series C funding round, taking the valuation of the tunnelling enterprise at $5.675 billion, also adding that the funds will be used to ramp up its hiring across sectors.

The funding round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.

According to various media reports, Musk had also sold Boring Company hats and flamethrowers to raise funds earlier.

The Boring company's inception came from Musk’s idea to tackle the humongous traffic observed all over the U.S and to create fast travel opportunities. The company was founded in 2016, with the aim to create “safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.”

The funding news is the latest in the line of an eventful few weeks for Elon Musk, which started with him buying the majority shares in Twitter and organising a town hall meeting to soak up investor’s questions.