Mobility

Project 3 Mobility secures EUR 100 million for autonomous electric robotaxi

project 3 mobility rimac

Photo: James from Pixabay

Published

February 8, 2024

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Published:

February 8, 2024

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Croatian start-up Project 3 Mobility, set up by Mate Rimac, the founder and CEO of Rimac Automobili, and Rimac Group, has raised EUR 100 million for its innovative ecosystem of urban autonomous mobility.

Croatian technology and electric car company Rimac Automobili launched Project 3 Mobility (P3) for the development of an urban mobility ecosystem based on autonomous electric taxis back in 2021. The robotaxi service in Zagreb is planned to become available by 2026.

Project 3 Mobility, a company developing its own autonomous electric vehicle, specialized infrastructure, and mobility service, has closed its Series A investment round, increasing the total amount raised from private investors to about EUR 100 million, the firm said. It attracted strong interest and support from leading global companies and investment funds, it said.

The funds will also be used to help expand the team

One of them is TASARU Mobility Investments, a company fully owned by Saudi sovereign fund Public Investment Fund (PIF). It is the fund’s first investment in the next-generation technology sector and the first outside of the Kingdom of Saudi Arabia, P3 said.

In previous stages the firm has secured investments from notable entities, including Kia, website hosting technology provider SiteGround, Croatian IT company Infinum, and Rimac Group. Additional key investors are Neurone, an investment group focused on advanced technologies, and Elaf Auto, a company based in Qatar, according to P3.

The firm plans to use the funds for the further development of all elements of the project and the delivery of P3’s urban autonomous mobility ecosystem, but also to support the further growth of the team, which will expand significantly in the years to come.

Pejković: Project to bring significant benefits for Zagreb and Croatia

project 3 mobility rimac marko pejkovic
Photo: Project 3 Mobility

Marko Pejković, the CEO and co-founder of P3, has said that over the past year, the company has 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 the pursuit of attracting private capital.

Of note, the European Commission has approved a grant of EUR 179.5 million for the project “Research, development and production of new mobility vehicles and supporting infrastructure,” which is registered as a part of Croatia’s National Recovery and Resilience Plan.

“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. 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,” Pejković said.

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