Project 3 Mobility brings in $107M for its autonomous mobility ecosystem.

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Project 3 Mobility says it wants to greatly expand its team with the latest funding.

Zagreb-based startup Project 3 Mobility has raised €100 million ($107 million) in a Series A funding round to advance its vision for autonomous urban transportation. The young company aims to develop a holistic ecosystem of self-driving electric vehicles, infrastructure, and mobility services.

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The sizable investment was led by TASARU Mobility Investments, a subsidiary of Saudi Arabia's colossal Public Investment Fund (PIF). This marks PIF's first foray into Europe, underscoring Project 3's promise.

"Looking ahead, over the next two years, we [will] continue to attract private capital, aligned with the needs of our project’s implementation,” said Marko Pejković, CEO of Project 3 Mobility. “We have a team that is enthusiastic about the journey ahead and the positive impact our service will have on communities.”

Funds To Accelerate Development

Project 3 intends to utilize the capital injection to advance its trio of integrated components:

An autonomous, electric vehicle purpose-built for urban environments

Specialized infrastructure and mobility hubs

An on-demand mobility service

The company will also expand its workforce to deliver its lofty objectives.

Project 3 is targeting a 2026 launch in Zagreb, with aims to deploy in Germany and the UK in 2027. Details remain scarce, but executives tout a "completely new platform designed around safety and comfort."

Public Support And Previous Investors

In addition to private funding, Project 3 has secured €179.5 million ($193 million) in EU grants to subsidize its futuristic mobility 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," noted Pejković.

Other key backers include prominent Croatian companies Rimac Group, Infinum, and SiteGround, along with auto manufacturers Kia and Elaf.

Industry observers will be tracking Project 3's progress as it works to deliver on its visionary autonomous mobility ecosystem. The startup's ability to concurrently develop vehicles, infrastructure, and software platforms faces immense complexity. Yet its early funding success indicates confidence in the project's merit.

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