<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-02-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001838108</issuerCik>
        <issuerName>RMG Acquisition Corp. III</issuerName>
        <issuerTradingSymbol>RMGC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001842049</rptOwnerCik>
            <rptOwnerName>RMG Sponsor III, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RMG ACQUISITION CORP. III</rptOwnerStreet1>
            <rptOwnerStreet2>50 WEST STREET, SUITE 40C</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001764521</rptOwnerCik>
            <rptOwnerName>MKC Investments LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RMG ACQUISITION CORP. III</rptOwnerStreet1>
            <rptOwnerStreet2>50 WEST STREET, SUITE 40C</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001764088</rptOwnerCik>
            <rptOwnerName>Carpenter David James</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RMG ACQUISITION CORP. III</rptOwnerStreet1>
            <rptOwnerStreet2>50 WEST STREET, SUITE 40C</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001763992</rptOwnerCik>
            <rptOwnerName>Mancini Robert S.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RMG ACQUISITION CORP. III</rptOwnerStreet1>
            <rptOwnerStreet2>50 WEST STREET, SUITE 40C</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001732329</rptOwnerCik>
            <rptOwnerName>KASSIN PHILIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RMG ACQUISITION CORP. III</rptOwnerStreet1>
            <rptOwnerStreet2>50 WEST STREET, SUITE 40C</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and COO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>11.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-02-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>8216330</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>8216330</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8216330</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The warrants are not currently exercisable and will only become exercisable on the later of (a) 30 days after the completion of the Issuer's initial business combination and (b) February 9, 2022.</footnote>
        <footnote id="F2">Philip Kassin is the record holder of the warrants reported herein. MKC Investments LLC is the sole managing member of RMG Sponsor III, LLC, and Messrs. Carpenter, Mancini and Kassin are the managing members of MKC Investments LLC. Each of MKC Investments LLC, RMG Sponsor III, LLC and Messrs. Carpenter and Mancini disclaim beneficial ownership over the warrants reported herein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>RMG Sponsor III, LLC; By: MKC Investments LLC, its sole managing member; By: /s/ Philip Kassin; Title: President and Chief Operating Officer</signatureName>
        <signatureDate>2021-02-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>MKC Investments LLC; By: /s/ Philip Kassin; Title: President and Chief Operating Officer</signatureName>
        <signatureDate>2021-02-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ D. James Carpenter</signatureName>
        <signatureDate>2021-02-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Robert S. Mancini</signatureName>
        <signatureDate>2021-02-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Philip Kassin</signatureName>
        <signatureDate>2021-02-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
