MVLLABS Pte Ltd, the company behind Southeast Asian ride-hailing service TADA, today announced the completion of its undisclosed Series A funding round extension.
Led by South Korean commercial bank Shinhan Bank, it included the participation of international die-casting specialist Samkee Automotive as well as home living and furniture brand iloom.
The funding round followed a US$5 million Series A investment announced in December 2019.
MVL said that the round has brought its Series A sum raised to “just under” US$10 million.
It will use the funding to fund the continued expansion within its existing markets (Singapore, Vietnam, and Cambodia) and for the development of the mobility ecosystem built on MVL’s blockchain protocol.
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“With this investment, we can continue aggressively on our mission to build a sustainable and fairer mobility ecosystem. We recently launched TADA Delivery in Cambodia to help businesses and our drivers tide through this COVID-19 season. This has demonstrated how we can use technology to be a force for good. We thank our investors for the trust and sharing the same vision of a fair, sustainable, and equitable mobility ecosystem,” said MVL CEO Kay Woo.
In a press statement, a Shinhan Bank spokesperson said that it looks forward to “create greater synergies” between two companies, especially with the bank’s retail financial service capabilities, such as its e-wallet.
MVL is a mobility ecosystem based on the Mass Vehicle Ledger incentive-based blockchain protocol. Mobility data such as transactions, movements, accidents, and maintenance of vehicles are recorded and connected in a single MVL ecosystem. Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as TADA and other upcoming services.
It claimed to be Southeast Asia’s first zero-commission blockchain-based ride-hailing service.
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Image Credit: MVLLABS
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