Ride-hailing firm Tada parent MVL raises $5m in expansion push

Kay Woo, Founder and CEO of MVL.

Mobility ecosystem MVL, the company behind ride-hailing firm Tada, has raised $5 million in its Series A funding round that will fuel the development of its mobility ecosystem and expansion of its existing markets.

In an announcement, the Singapore-based firm said the funding round was led by South Korean venture capital firm SV Investment. Two of South Korea’s largest car parts manufacturers – Central and SIMWON Inc – also participated in the funding round.

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.

Investments will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain, capitalising on the growth of Tada, Southeast Asia’s first blockchain-based zero-commission ride-hailing service.

Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as Tada and other upcoming services. After its launch in Singapore last July and in Vietnam earlier this year, the company said it has attracted more than 30,000 drivers and 230,000 users in the region.

“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,” MVL CEO Kay Woo.

Founded in 2012 by a group of mostly Korean founders in New York, the company is now based in Singapore and operates in markets such as Korea, Taiwan, and Hong Kong.

Tada is also accelerated by Singapore’s first Government-backed Blockchain Accelerator, Tribe, and featured in the Singapore Blockchain Ecosystem 2019 Report by Consensys, Monetary Authority of Singapore, and Temasek.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.