Croatia's P3M closes Series-A investment round, reaches 100 mln euro

“In this significant investment round, P3M (...) gathered strong interest and support from leading global companies and investment funds,” it said in a press release.

The start-up pointed out that Saudi investment company TASARU Mobility Investments - a company fully owned by the Public Investment Fund (PIF), one of the largest sovereign funds in the world - invested in Project 3 Mobility, thus making their first investment in the next-generation technology sector and the first outside of Saudi Arabia.

The funds received will be used for the further development of all elements of the project and the delivery of P3M’s urban autonomous mobility ecosystem, it said.

P3M did not name the other investors in its Series-A investment round but noted that in previous stages of development, Project 3 Mobility secured investments from investors including South Korea's automotive manufacturer Kia, global IT website hosting technology company SiteGround, Croatian IT company Infinum, and Croatia’s Rimac Group. Additional key investors were Neurone, an investment group focused on advanced technologies, and Elaf Auto, a company based in Qatar.

Last summer, P3M said it will start building soon a factory for robo-taxi vehicles under a 535 million euro project co-financed the European Union. The project includes research, development and production of fully autonomous electric vehicles, supporting infrastructure and a software platform. It is part of a wider urban mobility project to be deployed in Zagreb.

"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," P3M CEO Marko Pejkovic said. He believes that the project it develops will bring significant benefits for Zagreb and Croatia, as well as many other cities worldwide where the company plan to launch its service.

"Looking ahead, over the next two years we continue to attract private capital, aligned with the needs of our project's implementation," the company said.

($ = 0.932 euro)