MVL, the firm behind Southeast Asia’s blockchain-based ride-hailing service TADA, announced today that it has raised US$5 million in a Series A round.
The funding is led by South Korean venture capital firm SV Investment, and is joined by two of South Korea’s largest car parts manufacturers Central and SIMWON Inc.
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.
Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as TADA and other upcoming services.
According to MVL, over 50,000 drivers and more than 500,000 users have used TADA in Singapore, Vietnam and Cambodia.
“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,” said Kay Woo, CEO of MVL.
“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.”
Featured Image Credit: MVL