SINGAPORE (May 22): TADA, Southeast Asia’s first blockchain-based zero-commission ride-hailing service has completed its Series A extension round for an undisclosed sum on Thursday.
The funding was raised by MVLLABS (MVL), the Singapore-based start-up company behind TADA.
This brings the total of MVL’s total Series A sum to just under US$10 million (S$14.2 million). The funds will be used to continue MVL’s expansion within its existing markets, develop the mobility ecosystem built on MVL’s blockchain protocol, and capitalise on the growth of TADA.
MVL previously announced its US$5 million in Series A funding last December.
The extension round was led by Shinhan Bank, one of South Korea’s largest commercial banks by assets.
Other companies who participated in the funding include Samkee Automotive, an international die-casting specialist, and iloom, a renowned home living and furniture brand in South Korea.
“With this investment, we can continue aggressively on our mission to build a sustainable and fairer mobility ecosystem,” says Kay Woo, CEO of MVL.
“This has demonstrated how we can use technology to be a force for good. We thank our investors for the trust and sharing the same vision of a fair, sustainable and equitable mobility ecosystem,” Woo adds.
In its statement on Thursday, a Shinhan Bank spokesperson says “MVL’s blockchain-based mobility platform has experienced great growth for its users in Southeast Asia over the past 3 years. With Shinhan Bank’s retail financial service capabilities, such as our e-wallet, we expect to create greater synergies that will be a win-win for both Shinhan and MVL”.
