News

PIF's TASARU Mobility Invests in Project 3 Mobility

This brings the total amount of money secured by Project 3 Mobility from private investors to over €100 million ($107.71 million).

By Inc.Arabia Staff
images header

TASARU Mobility Investments, a subsidiary of the Saudi Public Investment Fund (PIF), has invested in the Series A funding round of Croatian autonomous urban mobility firm Project 3 Mobility.[1]

With this addition, Project 3 Mobility has now secured over €100 million ($107.71 million) in funding from private investors.

The fresh capital injection will help advance Project 3 Mobility's urban autonomous mobility ecosystem.

The investment is the PIF’s first outside of Saudi Arabia and its first in the field of next-generation technologies.

The South Korean automaker Kia, as well as other investors like the website hosting technology SiteGround, Croatian IT company Infinum, luxury technology solutions provider Rimac Group, tech investment firm Neurone, and the Qatari Elaf Auto, supported Project 3 Mobility in its earlier stages of development.

Over the next two years, Project 3 Mobility plans to further develop its project components and expand its team significantly to meet growing demands.

The Saudi Wealth Fund PIF was established in 1971 to manage the government's investments, diversify the economy, and promote economic growth in Saudi Arabia. The PIF primarily invests in domestic projects and assets, but in recent years it has been expanding its investments internationally.

The PIF manages a significant portfolio of assets, which includes stakes in various sectors such as technology, finance, energy, and real estate.

Last update:
Publish date: