Ride-hailer TADA parent MVL bags $5m led by S Korean auto parts maker

Kay Woo, Founder and CEO of MVL.

Mass Vehicle Ledger (MVL), the company behind blockchain-based ride-hailing service TADA, on Thursday announced that it has raised $5 million in a recent funding round led by Central, a South Korean auto parts manufacturer.

With this additional financing, MVL aims to accelerate its plan to supply electric vehicles in Southeast Asia, setting its sights to distribute and sell 10,000 E-TukTuks (electric rickshaw) by 2021 in Cambodia, it said in a statement.

“The biggest advantage of TADA is that there is zero platform commission to drivers. With this unique selling point, we hope to rapidly distribute E-Tuk Tuks to 600,000 platform users and bring heightened mobility innovation to the Southeast Asian market,” said MVL CEO Kay Woo.

To date, MVL has raised a total of $13.4 million over a period of two years since its inception.
Servicing approximately 600,000 active users on its platform in Singapore, Vietnam and Cambodia, MVL operates on an unconventional policy of zero platform commissions.

MVL also plans to manufacture E-TukTuk (an electric auto-rickshaw system)  for distribution in Southeast Asia alongside Myung-shin, a Korean automobile production plant company currently producing electric vehicles.

MVL had reportedly raised $5 million in its Series A funding round in December last year to fuel the development of its mobility ecosystem and market expansion.

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.

 

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).   

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  • 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. 
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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.