MVL raised $5M to expand and develop blockchain-based services in SEA

On Dec 3, MVLLABS, the company behind a blockchain-based zero-commission ride-hailing service TADA, reported that it has raised US$5 million in a Series A round.

The funding round is led by South Korean venture capital firm SV Investment and also participated by Central and SIMWON Inc – two of South Korea’s largest car parts manufacturers.

According to that, the investment will be used to expand in its existing markets and invest in developing technologies to build new products and services based on MVL’s blockchain.

MVLLABS raised US$5m for TADA fund to expand and build new products base on blockchain tech in SEA

Taxi TADA

MVL is a mobility ecosystem that uses the blockchain protocol based on the Mass Vehicle Ledger incentive. The difference with other taxi platforms is TADA does not receive any commissions from drivers. For riders, the platform accords them with a driver quickly using its matching tech. The user can choose to pay with cash or debit/credit card.

Currently, having about 50,000 drivers and more than 500,000 users have used TADA in Singapore, Vietnam, and Cambodia.

Besides, mobility data like transactions, movements, accidents, and maintenance of vehicles are also recorded and connected with a single MVL ecosystem. Users, therefore, interact with MVL’s mobility data ecosystem on the blockchain through linked services such as TADA and other new services.

Kay Woo, MVLLABS chief executive said that their team was committed to providing innovative mobility blockchain products and services that can bring positive social, environmental and economic change in their communities. “Building on the TADA introduction platform, with the world’s first blockchain-based commissionless car rental service, we hope to announce many other regional first releases in the coming months,” he added.

Furthermore, a spokesperson from SV Investment also shared “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. Now they have found a new way to build a strong connection between suppliers and consumers, as well as hardware and software while developing a mobile ecosystem”.

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