MVLLABS raises extended Series A round led by Shinhan Bank

SINGAPORE-BASED startup MVLLABS, the company behind ride-hailing service TADA, on Thursday said it has raised an undisclosed sum in its Series A extension round led by South Korea's Shinhan Bank.

International die-casting specialist Samkee Automotive and South Korean home living and furniture brand, iloom also participated in this round.

The completion of this extension round brings its total Series A sum raised to just under US$10 million, said MVLLABS.

The startup had previously announced its US$5 million in Series A funding in December last year, which was led by South Korean venture capital firm SV Investment.

The financing will be used to fund MVLLABS's continued expansion within its existing markets and for development of the mobility ecosystem built on its blockchain protocol.

Similar to its Series A ambitions, the company said that this investment will allow it to capitalise on TADA's growth, and will be used for developing competencies to deliver innovative new products and services based on MVLLABS's blockchain.

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"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 (MVLLABS)," said a Shinhan Bank spokesperson.

Chief executive of MVLLABS, Kay Woo, said: "We recently launched TADA Delivery in Cambodia to help businesses and our drivers tide through this Covid-19 season. This has demonstrated how we can use technology to be a force for good. We thank our investors for the trust and sharing the same vision of a fair, sustainable and equitable mobility ecosystem."