This week, Croatian company Project 3 Mobility announced that it has successfully closed its Series A investment round, growing the total amount raised from private investors to €100 million.
Project 3 Mobility (P3) is developing its own autonomous electric robotaxi, along with specialised infrastructure, and a mobility service.
The company is co-founded (and Chaired) by Mate Rimac, the founder and CEO of Rimac Automobili/Rimac Group, and Bugatti Rimac.
That said, P3 has operated primarily in stealth mode, so tracking the company's real progress is hard.
In 2022, P3 told Croatian journalists that a pilot robotaxi service in Zagreb, with autonomous vehicles on the roads and a ride-hailing app, would be operational by the end of 2024.
Since then, the timelines have shifted to a 2026 launch.
But we have not seen signs of early progress like vehicle drawings, CGIs, or, further along, visits to the specially built manufacturing facility in Croatia or details about test drives, so it's hard to gauge where the company is at on its (excuse the pun) roadmap.
But that said, it does have some weighty resources behind it. Besides Rimac's presence, investors include TASARU Mobility Investments, with its first investment outside the Kingdom of Saudi Arabia.
In previous stages of development, Project 3 Mobility secured investments from Kia and Rimac Group. Additional key investors are Bulgarian software company SiteGround, prominent Croatian IT company Infinium, Neurone, an investment group focused on advanced technologies, and Elaf Auto, a Qatar-based company.
In 2023, the European Commission approved a grant of €179.5 million to the company. The process of approving the project at all levels lasted almost a year and a half and could help account for any progress delays.
According to Marko Pejković, Chief Executive Officer of Project 3 Mobility.
"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.
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."
Our team is enthusiastic about the journey ahead and the positive impact our service will have on communities."
The funds received will be used to develop all elements of the project further and deliver P3's urban autonomous mobility ecosystem. The investments will also support further team growth, which will expand significantly in the years to come.