TASARU’s Investment in Blacklane Will Accelerate Its Expansion into the Saudi Arabian Market

TASARU Mobility Investments ("TASARU"), a leading investment company wholly owned by the Public Investment Fund ("PIF"), has announced an investment in Blacklane on the sidelines of the 8th Edition of the prestigious Future Investment Initiative ("FII8"). This investment will empower Blacklane to accelerate its expansion into the Saudi Arabian market, marking a new chapter in sustainable mobility.

Founded in 2011 in Germany, Blacklane redefined ride-hailing services by connecting travelers with a global network of professional chauffeurs. Today, Blacklane boasts an award-winning team of over 300 employees across 50 countries, with operational hubs in Germany, Singapore, Spain, the United Arab Emirates, the United Kingdom, and the United States.

TASARU's investment in Blacklane highlights the mutual dedication to promoting sustainable and eco-friendly mobility solutions throughout the Kingdom. As part of this initiative, Blacklane supports Saudi Arabia’s overall environmental objectives by committing to using electric vehicles (EVs) for its operations.

The company's services will launch in Riyadh, followed by Jeddah, and it plans to expand to more cities. Blacklane will establish a Chauffeur Training Academy in Saudi Arabia to ensure world-class service quality. This initiative is expected to significantly contribute to the Kingdom’s Vision 2030 by creating new job opportunities and fostering economic diversification.

Michael Mueller, CEO of TASARU, stated, "The investment in Blacklane marks an important step forward in our commitment to bringing sustainable mobility solutions to Saudi Arabia. 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."

From Blacklane’s side, Dr. Jens Wohltorf, Founder & CEO, 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.”

Beyond financial backing, TASARU plays an instrumental role in connecting Blacklane with business owners and professionals across Saudi Arabia. Acting as a gateway to the Kingdom, TASARU integrates within the local ecosystem, connecting partners with other entities across various sectors. The company is currently engaged in discussions with local partners and PIF portfolio companies, fostering further collaboration and growth opportunities.