Croatian company Project 3 Mobility (P3), an urban autonomous mobility ecosystem developer, has closed its Series A investment round, securing approximately €100mn from private investors, the company reported in a press release on February 6.

The funds raised will be used for the further development of the project's components and the delivery of P3’s urban autonomous mobility ecosystem. P3 is developing its own autonomous electric vehicle, specialised infrastructure and mobility service. Investments will also facilitate the expansion of the team.

The investment round attracted interest from both Croatian tech champions and global companies and investment funds, including prominent investors from the Middle East. 

TASARU Mobility Investments (TASARU), a company owned by one of the world’s largest investment funds, Public Investment Fund (PIF), made its first investment outside Saudi Arabia in P3. 

Other investors in the company include South Korean automaker Kia, website hosting technology company SiteGround, Croatian tech company Infinum, Croatian electric hypercar producer Rimac Group, investment group Neurone and Qatar’s Elaf Auto.

"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,” said Marko Pejkovic, CEO of Project 3 Mobility. 

The company’s aim, according to Pejkovic, is to 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,” he said. 

"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,” Pejkovic added.  

In May 2023, P3 received a €179.5mn grant from the European Commission, under an investment approved as part of Croatia’s National Recovery and Resilience Plan.