Project 3 Mobility has raised €100 million in a Series A funding round to develop its autonomous mobility system.
The Croatia-based company is developing a system for urban transportation that includes an app, electric vehicles and its autonomous technology infrastructure. The company said it will use the funding to continue developing those elements and to grow its team.
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Marko Pejković, CEO of Project 3 Mobility, said the company is happy with the closing of its Series A round. The attraction of renowned investors, he said, validates the team’s vision.
“The fact that we managed to attract some of the most renowned global strategic and financial investors in such a challenging environment for startups shows confidence in our vision and team,” said Pejković.
While the terms of the deal were not disclosed, Project 3 Mobility shared that Tasaru Mobility Investments (owned by Public Investment Fund) participated in investing as did Kia, SiteGround, Infinum and Rimac Group in prior installments along with Neurone and Elaf Auto.
Pejković reflected on Project 3 Mobility’s achievements over the last year, including navigating a European Union grant approval process as it sought capital.
“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,” he said. “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.”
As the company looks to the future, Pejković said it seeks to attract additional private funding in accordance with project needs.