Virgin Hyperloop One Secures $50M in Funding and a Title Sponsor

Formerly known as Hyperloop One, the DTLA-based rapid transit company bringing Elon Musk’s vision of a tube-based transportation system to life, the company helmed by CEO Rob Lloyd added Virgin to the beginning of their name in October, securing Richard Branson as their chairman.

Two months later, on December 18, the company secured $50M in funding from Russia’s Caspian Venture Capital and DP World, a large port operator in Dubai. When ready, Russia and the Middle East are two of the leading geographical centers for the first commercial application. This $50M in funding comes on the heels of the company nearly running out of money, according to a CNBC report, and will likely result in some organizational restructuring.