Mobility ecosystem MVL, the company behind ride-hailing firm Tada, has raised $5 million in its Series A funding round that will fuel the development of its mobility ecosystem and expansion of its existing markets.
In an announcement, the Singapore-based firm said the funding round was led by South Korean venture capital firm SV Investment. Two of South Korea’s largest car parts manufacturers – Central and SIMWON Inc – also participated in the funding round.
According to MVL, this new funding will be used to fund its expansion in existing markets and invest in developing technologies to build new products and services based on MVL’s blockchain.
Investments will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain, capitalising on the growth of Tada, Southeast Asia’s first blockchain-based zero-commission ride-hailing service.
Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as Tada and other upcoming services. After its launch in Singapore last July and in Vietnam earlier this year, the company said it has attracted more than 30,000 drivers and 230,000 users in the region.
“Building on the foundation of introducing Tada, the world’s first blockchain-based zero-commission ride-hailing service, we expect to be announcing many other first’s in the region in the coming months,” MVL CEO Kay Woo.
Founded in 2012 by a group of mostly Korean founders in New York, the company is now based in Singapore and operates in markets such as Korea, Taiwan, and Hong Kong.
Tada is also accelerated by Singapore’s first Government-backed Blockchain Accelerator, Tribe, and featured in the Singapore Blockchain Ecosystem 2019 Report by Consensys, Monetary Authority of Singapore, and Temasek.