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Project 3 Mobility, which is developing what it called an “ecosystem of urban autonomous mobility,” has brought in €100 million, or more than $107 million, in Series A funding. The Zagreb, Croatia-based company said this latest investment will lay a foundation for its future development and growth.
“Looking ahead, over the next two years, we [will] continue to attract private capital, aligned with the needs of our project’s implementation,” stated Marko Pejković, CEO of Project 3 Mobility, in a release. “We have a team that is enthusiastic about the journey ahead and the positive impact our service will have on communities.”
TASARU Mobility Investments, a company fully owned by the Public Investment Fund (PIF), led the funding round. PIF is one of the largest sovereign funds in the world, and this is its first investment outside of Saudi Arabia. It recently created Alat, a company to build products for sustainable technology manufacturing.
Project 3 Mobility aims to change the future of urban mobility
Project 3 Mobility said its ecosystem will be made up of three components that it’s developing. These are an autonomous electric vehicle, specialized infrastructure, and a mobility service.
The company said it plans to use the funds to develop all three elements of the project further. It will also allow Project 3 Mobility to grow its team, which it says it plans to significantly expand in the coming years.
Project 3 said it hopes to launch its service in Zagreb in 2026 and in the U.K. and Germany in 2027. The company hasn’t given many details on what exactly its service will look like, but it did say that its autonomous vehicle is built on a “completely new platform designed around safety and comfort.” It also says it plans for its mobility hub to seamlessly integrate into a city’s infrastructure.
Previous investors in the company include Kia, SiteGround, Infinum, Rimac Group, Neurone, and Elaf Auto. In addition, the European Commission has approved a €179.5 million ($193 million) grant to support Project 3 Mobility’s goals.
“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,” Pejković said.
The successful closure of this investment round marks another milestone in affirming the value of our project that will revolutionize mobility and enhance the quality of life in urban areas,” he added. “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.”