MVLLabs, the Singapore-based startup, has raised $5 million in a Series A round.
According to Tech In Asia, the round was led by South Korean VC firm SV Investment and was participated in by two of South Korea’s largest car parts manufacturers, Simwon and Central.
MVLLabs is a “mobility ecosystem based on the Mass Vehicle Ledger (MVL) incentive-based mobility blockchain protocol.” It’s also the company behind the zero-commission ride-hailing platform Tada, which boasts 50,000 drivers and over 500,000 users in Singapore, Vietnam, and Cambodia.
“This investment is a validation of our vision to build a sustainable and fairer mobility ecosystem,” said MVLLabs CEO Kay Woo. “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.”
The company plans to use the investment to rev up its current expansion plans and further develop its mobility system. It also plans to use some of the funds to create new products and services.