SINGAPORE, 2 December 2019 – MVLLABS Pte Ltd (“MVL”), the company behind TADA, Southeast Asia’s first blockchain-based zero-commission ride-hailing service, announced today a series A investment of US$5 million led by leading South Korean venture capital firm, SV Investment. Two of South Korea’s largest car parts manufacturers, Central and SIMWON Inc., also participated in this funding round. The financing will be used to fund MVL’s continued expansion within its existing markets and the development of the mobility ecosystem built on MVL’s blockchain protocol.
The investment will enable MVL to capitalise on the growth of TADA, its zero-commission ride-hailing product, where drivers and riders can strive towards a sustainable commuting future. Investments will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain.
Kay Woo, CEO of MVL, said, “This investment is a validation of our vision to build a sustainable and fairer mobility ecosystem. Our team is committed to delivering innovative mobility blockchain products and services that can bring positive social, environmental and economic change in the communities we operate in. 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.”
“Unlike the currently existing ride-hailing platforms in Southeast Asia, MVL has been able to define the issues in the mobility market to successfully attract significant users. They were able to find a new way to build a strong connection between suppliers and consumers, as well as hardware and software in the midst of developing a mobility ecosystem,” said a spokesperson from SV Investment.
For more information on MVL, please proceed here.
About MVLLABS Pte. Ltd (MVL):
MVL is a mobility ecosystem based on the Mass Vehicle Ledger incentive-based mobility blockchain protocol. MVL has been driving the mass adoption of its mobility blockchain through Southeast Asia’s first zero-commission blockchain based ride-hailing service, TADA, Over 50,000 drivers and more than 500,000 thousand users have used TADA in Singapore, Vietnam and Cambodia.
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.
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.
About SV Investment:
SV Investment is a venture capital company established under the Support for Small and Medium Enterprise Establishment Act on April 5, 2006. Since inception, the fund has invested more than US$770 million through its venture capital and management-participating private equity investments. The Company is recognized for its competitiveness as a venture capital investor in various fields such as bio/healthcare, cultural contents, secondary and mobile/IT companies.
Central is a leading global player in the vehicle After Market (“AM”) space with more than 300 partners around the world. As the number one Ball Joint player with the largest market share in Russia and Myanmar, Central is expanding its Southeast Asian presence through the upcoming launch of a subsidiary in Vietnam. Through its lightweight technology, the Company is also a trusted Original Equipment Manufacturer (“OEM”) partner to more than 23 major electric car manufacturers such as Tesla, Byton and many more.
About SIMWON Inc.:
SIMWON is a producer of automotive body parts and its major customers are global automotive manufacturers, especially electric car manufacturing companies.