Southeast Asian ride-hailer TADA announces extended Series A funding

Kay Woo, Founder and CEO of MVL.

MVLLABS (MVL), the parent company of zero-commission ride-hailing operator TADA, has announced the completion of a Series A extension round led by Shinhan Bank, one of South Korea’s largest commercial banks by assets.

Other investors, including Samkee Automotive, an international die-casting specialist, and iloom, a South Korean home living and furniture brand, also participated in the round.

The new funding brings MVL’s Series A total to nearly $10 million.

MVL is an incentive-based blockchain mobility ecosystem that records key data such as transactions, movements, accidents, and maintenance of people and vehicles in many fields. Participants in the ecosystem can enjoy various benefits according to their MVL point level.

In its statement, the company said it will use the fresh funding for MVL’s expansion within its existing markets and for development of its mobility ecosystem.

“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,” said a Shinhan Bank spokesperson.

The company claims that its blockchain-based ride-hailing service TADA has over 81,000 drivers on its platform and more than 550,000 users in Singapore, Vietnam and Cambodia.

Last December, MVL raised $5 million in a Series A funding round 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).   

  • 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.