- General
- May 17, 2019
- 4 minutes read
Virgin Hyperloop One Seeks Up To $225 Million
A Virgin Hyperloop One pod image: Virgin Hyperloop One Virgin Hyperloop One — a company with ambitious transportation goals and…
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| A Virgin Hyperloop One pod
image: Virgin Hyperloop One
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Virgin Hyperloop One — a company with ambitious transportation goals and like its name suggests, once counted Virgin founder Richard Branson as its chairman — has raised $172 million in new funding according to new filings and is seeking up to $224.5 million in this round, as first reported by Crunchbase News. Dubai port operator DP World (an existing investor) provided at least $90 million for the round, which has seen contributions from 80 investors.
Virgin Hyperloop One first secured funding for this round on the 29th of April 2019 according to filings. The company has already raised nearly $300 million in funding prior to this round. Virgin Hyperloop One is based in Los Angeles and was founded by Josh Giegel and tech investor Shervin Pishevar (Pishevar who previously served as its executive chairman was ousted in late 2017 over allegations of sexual misconduct).
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| image: Virgin Hyperloop One |
The company has had quite a share of controversies, including the arrest of former Co-Executive chairman Ziyavudin Magomedov on embezzlement charges and an incendiary lawsuit filed by ousted co-founder Brogan BamBrogan. Virgin Hyperloop One has not still developed much solid infrastructure but has made a number of proposals and feasibility studies around the globe. The company sometime last year inked a deal to build a $500 million research center in a tiny village in Spain.
