Project 3 Mobility closes series-A investment round

Project 3 Mobility, a Croatian company developing a new ecosystem of urban autonomous mobility, closed its Series A investment round, growing the total amount raised from private investors to c. €100 million.

In this significant investment round, Project 3 Mobility (P3), a company developing its own autonomous electric vehicle, specialised infrastructure, and mobility service, gathered strong interest and support from leading global companies and investment funds. The investment is laying a solid foundation for the company's future development and growth.

TASARU Mobility Investments (TASARU), a company fully owned by the Public Investment Fund (PIF), one of the largest sovereign funds in the world, invested in Project 3 Mobility, making this their first investment in the next-generation technology sector and the first outside of the Kingdom of Saudi Arabia.

In previous stages of development, Project 3 Mobility secured investments from notable entities, including Kia, one of South Korea's leading automotive manufacturers. Other strategic investors are also supporting Project 3 Mobility, such as the leading Bulgarian software company SiteGround, prominent Croatian IT company Infinum, and Rimac Group, a provider of premium and luxury technology solutions in the mobility and energy sectors being the sole owner of Rimac Technology and majority shareholder of Bugatti Rimac. Additional key investors are Neurone, an investment group focused on advanced technologies, and Elaf Auto, a company based in Qatar.

“We are very happy with the closing of this investment round and bringing on board such strong investors to support us in achieving our bold vision. The fact that we managed to attract some of the most renowned global strategic and financial investors in such a challenging environment for start-ups shows confidence in our vision and team.

Over the past year, we successfully navigated through a series of demanding procedures and in-depth analyses, both within the EU grant approval process led by the European Commission and in our pursuit of attracting private capital. The successful closure of this investment round marks another milestone in affirming the value of our project that will revolutionise mobility and enhance the quality of life in urban areas. We believe our project will bring significant benefits for Zagreb and Croatia, as well as many other cities worldwide where we plan to launch our service.

Looking ahead, over the next two years we continue to attract private capital, aligned with the needs of our project's implementation. We have a team that is enthusiastic about the journey ahead and the positive impact our service will have on communities.”, said Marko Pejković, Chief Executive Officer of Project 3 Mobility.

The funds received will be used for the further development of all elements of the project and the delivery of P3’s urban autonomous mobility ecosystem. The investments will also support further growth of the team, which will expand significant in the years to come.