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PIF subsidiary Tasaru Mobility Investments was the lead investor in a series-A round raised by Croatia-based Project 3 Mobility (P3), the startup said in a press release. The signing happened on the sidelines of the PIF’s private sector forum in Riyadh last week, according to a post on social media platform X.
What we don’t know: While P3 says it has raised a total of EUR 100 mn from private investors, it hasn’t disclosed the size of the most recent round or of PIF’s commitment. It has also taken on a nearly EUR 180 mn grant from the European Commission to “research, develop and produce new mobility vehicles and supporting infrastructure.”
Use of proceeds: The company will use fund series A funding to fund R&D and expand its team, it said.
Tasaru has also inked agreementsthat will see it invest in:
- US tech company Recogni, which develops low-energy AI products. Tasaru will be financing Recogni’s development of next-gen chips for autonomous vehicles.
- Vehicle manufacturer Holon, a subsidiary of Austria’s Benteler Group. It plans to acquire a minority stake of up to 38% in Holon to back the development of the autonomous electric Mover shuttle. The nine-figure investment in Holon will be dispersed in multiple tranches with the first expected in April 2024.
Haven’t heard of Tasaru? That’s because it’s new. The investment company launched in October 2023 and is 100% owned by PIF. Its mandate is to develop domestic supply chain capabilities in the automotive, mobility and next-gen industries.
Here at home: The company launched a joint venture with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons, and Dar Al-Himmah Projects to develop an automotive logistics hub in King Abdullah Economic City (KAEC), ultimately operating in the aftermarket parts industry, it said in a press release in October 2023.
