We compute the beta functions of marginal couplings in projectable Horava gravity in 2 + 1 spacetime dimensions. We show that the renormalization group flow has an asymptotically free fixed point in the ultraviolet (UV), establishing the theory as a UV-complete model with dynamical gravitational degrees of freedom. Therefore, this theory may serve as a toy model to study fundamental aspects of quantum gravity. Our results represent a step forward towards understanding the UV properties of realistic versions of Horava gravity.