Singapore-based mobility ecosystem startup MVL, the company that created the blockchain-powered ride-hailing app TADA, recently announced that it had secured US$5 million for its Series A funding round, which was led by SV Investment, a venture capital firm headquartered in South Korea. The startup’s funding round also saw the participation of Central and SIMWON Inc., both of which are among South Korea’s leading automobile and electric vehicle parts manufacturers and are heavily involved in the mobility services sector. MVL – which stands for mass vehicle ledger – said that the freshly acquired funds will be used to further accelerate its growth in its current markets as well as to develop technologies and provide new blockchain-based solutions and products that will enhance and innovate its mobility ecosystem.
According to Kay Woo, chief executive officer of MVL, the investment by SV Investment and two of South Korea’s leading automobile parts manufacturers, SIMWON Inc. and Central, is an affirmation of the mobility solutions startup’s vision of creating an inclusive, trustworthy blockchain-tech driven mobility ecosystem that promotes fair trade and builds trust among all participating stakeholders. Mr. Kay added that the team at MVL is fully dedicated to producing and developing blockchain-based mobility solutions and products that can generate a positive and lasting impact in the communities that they serve, such as bringing about practical and constructive environmental, economic and social transformations.
In a statement from SV Investments, the venture capital firm said that they were impressed by MVL’s ability to identify potential problems and then quickly turn them into opportunities for providing sustainable and innovative solutions that generate value, which enables the startup to capture and secure a significant portion of platform users. The firm noted that this sets them apart from the other current ride-hailing companies and firms in Southeast Asia’s vast mobility market. They were also impressed by the startup’s technological innovations and developments that were utilised in building their mobility ecosystem.
As for Central and SIMWON Inc., both view the investment in MVL as a strategic partnership that will enable them to enter and establish a foothold in the Southeast Asian mobility market, which offers many untapped opportunities for the deployment and growth of electric vehicles – with electric vehicles being of keen interest to both of the vehicle parts manufacturers. Both companies have agreed to a joint project with MVL and have chosen Cambodia as the first Southeast Asian market for their mobility expansion efforts.
MVL is the company behind TADA, which is touted as the world’s first ever ride-hailing app to apply blockchain technology. The platform is notable for not charging its drivers any commission fees, and it also rewards its riders who leave accurate feedback with points that can be redeemed for future rides. The ride-sharing service is currently available in the Southeast Asian countries of Singapore, Vietnam and Cambodia, and it currently has more than 60,000 drivers and more than half a million platform users. It was the most downloaded app in Singapore for the month of December in 2018.
MVL and its blockchain-based ride-sharing service TADA is looking to change and positively impact the mobility ecosystem in the region of Southeast Asia. Along with the strategic partnerships and support from its South Korean investors in SV Investment, Central and SIMWON Inc., the mobility solutions startup is expecting 2020 to be a milestone year with the accomplishment of many firsts by the company in the region.