Virgin Hyperloop One raises $172 million in the next roundMay 20, 2019
Virgin Hyperloop One has raised $172 million in a new funding round. Over half of the money (at least $90 million) has come from the DP World, the Dubai port operator and current investor.
In this equity sale, VHO aims at completing a $224 million round, where eighty investors have already taken part. No names were disclosed at this point, but according to the filing, DP World passed the threshold of $90 million and got disclosed as the leading investor in this round.
DP World previously invested $25 million in Virgin Hyperloop One and already has two seats on the VHO’s board of directors. Additionally, documentation from the Patent and Trademark Office shows that much of Virgin Hyperloop One’s intellectual property has been transferred to DP World. Ryan Kelly, Virgin Hyperloop One’s head of marketing and communications, said that DP World was only temporarily holding the IP as collateral in exchange for a loan that is “no longer outstanding,” and that the IP will soon be assigned back to Virgin Hyperloop One.