PIF’s TASARU Invests in Blacklane To Support KSA Expansion
This investment is set to advance sustainable mobility in the GCC region.
TASARU Mobility Investments, an investment firm wholly owned by Saudi Arabia's Public Investment Fund (PIF), has announced a strategic investment in Blacklane at the eighth edition of the Future Investment Initiative (FII8).
This undisclosed investment aims to support Blacklane’s expansion into the Saudi Arabian market, and to advance sustainable mobility in the wider region. It shall also support the Kingdom’s environmental objectives by integrating electric vehicles (EVs) into its services.
Founded in Germany in 2011, Blacklane connects travelers with a global network of professional chauffeurs. The company employs over 300 staff across 50 countries, with operational hubs in Germany, Singapore, Spain, the UAE, the UK, and the United States.
In a statement, Jens Wohltorf, founder and CEO of Blacklane, said, “This partnership with TASARU enables us to bring our premium chauffeur services to Saudi Arabia, enhancing mobility solutions with a focus on sustainability and service excellence. We look forward to contributing to the Kingdom’s dynamic growth and development.”
Michael Mueller, CEO of TASARU, added, "At TASARU, we believe in investing in the future of transportation. Blacklane’s innovative approach aligns harmoniously with our vision of having a more sustainable and environmentally conscious mobility solution across the Kingdom. We are excited to support Blacklane’s expansion plans in Saudi Arabia. and look forward to seeing the positive impact this collaboration will have on the market."
Blacklane will begin operations in Riyadh, with planned expansions to Jeddah and other cities. The company will also establish a Chauffeur Training Academy in Saudi Arabia to maintain high service standards.
This initiative is anticipated to contribute to Saudi Arabia's Vision 2030 by creating job opportunities and supporting economic diversification. TASARU also plans to connect Blacklane with local business owners and professionals to support partnerships across various sectors.
In addition, TASARU is currently in discussions with local partners and PIF portfolio companies to explore further collaboration and growth opportunities for Blacklane in the region.
