Project3 Mobility raises EUR 100 million in Series A Funding

Funding to develop urban autonomous mobility with e-vehicle


February 9, 2024

/ By / Paris

Project3 Mobility raises EUR 100 million in Series A Funding

Marko Pejković, Chief Executive Officer of Project 3 Mobility

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

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Project 3 Mobility (P3) a Croatian company that is developing its own autonomous electric vehicle, specialised infrastructure, and mobility service says it has gathered strong interest and support from leading global companies and investment funds in its Series A funding round that closed recently. The company says now it has raised over EUR 100 million and that the the investment is laying a solid foundation for the company’s future development and growth.

The statement adds that Tasaru Mobility Investments (TASARU), a company fully owned by the Saudi Arabian 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.

The statement adds that 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,’’ says Marko Pejković, Chief Executive Officer of Project 3 Mobility.

‘‘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,’’ adds Pejković.

‘‘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,” he says.

The company says that funds received will be used for 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.



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