€100m for Croatian robotaxi startup
Cette publication existe aussi en Français
A startup in Croatia has raised €100m for driverless urban vehicles, infrastructure and service development.
Project 3 Mobility (P3) in Zagreb, with engineering in the UK, has raised €100m in its Series A investment round for its robotaxi development following a major European grant last year.
P3 is developing its own autonomous electric vehicle, or robotaxi, with specialised infrastructure, and mobility service and plans to launch services in Zagreb in 2026 and the UK and Germany in 2027.
Croatia has a strong heritage in automotive, with Rimac in particular, which was one of the early backers of P3. The latest funding comes from TASARU Mobility Investments in Saudi Arabia, a company fully owned by the Public Investment Fund (PIF), one of the largest sovereign funds in the world.
The funds 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. The company has 84 employees in the UK working on R&D out of a total of 100.
In previous stages of development, Project 3 Mobility secured investments from car maker Kia, Bulgarian software company SiteGround, Croatian IT company Infinum and the Rimac Group.
Additional key investors are Neurone, an investment group focused on advanced technologies, and Elaf Auto, a company based in Qatar.
In May, the European Commission approved a grant of €179,5m for the development of the electric robotaxi and a production plant. “Project 3 Mobility will invest at least €350m of its funds before going to market. Part of these funds have already been received from private investors while part will be collected in the next two years,” said Marko Pejković, CEO of P3.
“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,” he said.
- Rimac spins out technology division
- Rimac spins out battery business after Bugatti deal
- ADI’s supercar bet pays dividends
“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,” he said.
www.p3m.com
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
