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.
A NEWSLETTER FOR YOU
SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
"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."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Vietnam education startup Prep bags US$7 million in Series A funding
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts