SINGAPORE-BASED startup MVLLABS, the company behind ride-hailing service TADA, has raised US$5 million in Series A funding led by South Korean venture capital firm SV Investment.
South Korean car parts manufacturers Central and SIMWON Inc also participated in the funding round, the startup said on Tuesday.
The investment will allow MVLLABS to capitalise on TADA’s growth, and will be used for developing competencies to deliver new products based on MVLLABS’ blockchain.
MVLLABS chief executive Kay Woo said: “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 firsts in the region in the coming months.”
An SV Investment spokesman added: “Unlike the currently existing ride-hailing platforms in South-east Asia, MVLLABS has been able to define the issues in the mobility market to successfully attract significant users.”