MVL, the company behind TADA, a blockchain ride-hailing service headquartered in Singapore, has secured US$5 million in fresh funding led by Central, a South Korean company in the vehicle after-market space.
Based in South Korea, MVL has plans to manufacture e-vehicles for the SEA market and for distribution alongside Myung-shin, a Korean automobile production plant company currently producing electric vehicles.
With this, MVL’s total funding raised to date has reached US$13.4 million since its inception two years ago. This includes a US$5 million in Series A round led by South Korea’s SV Investment in December last year and an extension round in May 2020.
With this additional financing, MVL aims to accelerate its plan to supply electric vehicles in Southeast Asia, setting its sights to distribute and sell an estimate of 10,000 E-TukTuks by 2021 in Cambodia.
“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 Tuk to 600,000 platform users and bring heightened mobility innovation to the Southeast Asian market,” said Kay Woo, CEO of MVL.