February the 7th, 2024 – The Croatian company Project 3 Mobility has collected a massive 100 million euros in capital.
As Poslovni Dnevnik writes, the Croatian company Project 3 Mobility, which has developed a new ecosystem of urban mobility, has closed a Series A investment round, bringing the previous financing from private investors to the amount of 100 million euros.
Project 3 Mobility attracted prominent global companies and investors in this investment round. One of the largest investment funds in the world – the Public Investment Fund (PIF) from Saudi Arabia – invested in this Croatian enterprise, making this their first investment in this country. PIF entered the ownership structure of Project 3 Mobility through its investment company TASARU Mobility Investments, which invests in smart and sustainable mobility solutions.
Earlier on, one of the largest South Korean car manufacturers – Kia, also invested in it. In addition, leading Bulgarian software company SiteGround, Croatian IT company Infinum, Rimac Group and other key investors such as investment company specialised in advanced technologies – Neurone and the Qatari company Elaf Auto also invested in Project 3 Mobility.
“The fact that we managed to attract some of the strongest global strategic and financial investors in such a challenging situation for new companies shows confidence in our vision and team. It’s very important to emphasise that even at this point, the funds attracted from private investors are greater than the EU support paid out so far (89 million euros).
By the time the service is launched in Zagreb, the ratio of invested private funds will increase significantly. In the past period, we went through a series of demanding procedures, in-depth surveys and checks, both through the EU grant approval process led by the European Commission and by national institutions, and in parallel, through the process of collecting private capital.
We’re proud of having yet another confirmation of the value of our project, which will revolutionise traffic and improve the quality of life in urban areas. We believe that the project will bring significant benefits to Croatia through the launch of a factory for large-scale production of autonomous electric vehicles, as well as in other ways, such as cooperation with the Croatian academic community.
As part of the project, we’re already cooperating intensively with three Zagreb faculties. After the successful closing of this investment round, in the next two years, we’re going to continue to attract private capital, following the phases of the project’s implementation,” said Marko Pejković, Chief Executive Officer of the Croatian company Project 3 Mobility.
The collected funds will be used for the continuation of project development, the construction of specialised infrastructure and team expansion, which will be increasingly important in the coming period.