Only have 1 minute? Here are 3 key takeaways:
- Project 3 Mobility, a Croatian company creating its own autonomous electric vehicle, raised €100M for driverless urban vehicles, infrastructure, and service development.
- The round was led by TASARU Mobility Investments, backed by Saudi Arabia’s Public Investment Fund.
- The funding will be used to drive the company’s future expansion, including various aspects of the project and the implementation of P3’s urban autonomous mobility system.
Croatian Project 3 Mobility, a startup creating an autonomous electric vehicle, or robotaxi, along with specialized infrastructure and mobility services, raised €100M Series A investment. The round was led by TASARU Mobility Investments, backed by Saudi Arabia’s Public Investment Fund. The new Series A will be utilized in the company’s future development, also supporting the future growth of the team. P3’s urban autonomous mobility ecosystem is planned to be launched in 2026.
Building on Unicorn Bones
The company was co-founded by Mate Rimac in 2019. He is the founder and CEO of Croatia’s unicorn Rimac Automobili/Rimac Group, and Bugatti Rimac. Rimac currently serves as a Chairman at P3.
P3’s main objective is to build an innovative urban ecosystem system by focusing on a safe and optimized user experience. According to their data, P3 currently employs 84 out of 100 staff in the UK for R&D, while their HQ is located in Zagreb.
P3 Mobility has been gaining substantial interest from investors over the past few years. Previously, Project 3 Mobility secured investments from companies such as Kia, South Korea’s automotive manufacturer, SiteGround, IT hosting technology, Rimac Group, a provider of technology solutions in the mobility and energy sectors, and others. Other key investors include Neurone, an investment group focused on advanced technologies, and Elaf Auto, a company based in Qatar. In 2023, P3 received a €179.5M grant from the European Commission, under an investment approved as part of Croatia’s National Recovery and Resilience Plan.
“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”, said Marko Pejković, CEO of Project 3 Mobility. “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”, he also added.
