UAE state capital leads a $3B round while brand-name funds ride along

The notable point of the week was not only the $3 billion size but the seat on the cap table: according to Crunchbase News, the lead on The Boring Co.’s Series D was the United Arab Emirates, with Andreessen Horowitz, Sequoia Capital and Valor Equity participating. For capital-heavy infrastructure, state and strategic money now occupies the position once held by classic venture funds.

In the same direction, the September 16 funding roundup from Tech Startups listed M12 — Microsoft’s corporate venture arm — alongside Andreessen Horowitz, Index Ventures and Vista Equity among the week’s active investors. At both ends, state and corporate, non-traditional capital is sharing the table with venture funds.