MVllabs Pte Ltd (“MVL”), the company behind TADA, Southeast Asia’s first blockchain-based zero-commission ride-hailing service, announced on December 3, a series A investment of $5 million led by leading South Korean Venture Capital firm, SV Investment.

Two of South Korea’s largest car parts manufacturers, Central and SIMWON Inc. also participated in this funding round. The financing will be used to fund MVL’s continued expansion within its existing markets and for development of the mobility ecosystem built on MVL’s blockchain protocol.

The investment will enable MVL to capitalise on the growth of TADA, its zero-commission ride-hailing product, where drivers and riders are striving towards a sustainable commuting future. Investments will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain.

Kay Woo, CEO of MVL, said “This investment is a validation of our vision to build a sustainable and fairer mobility ecosystem. Our team is committed to deliver innovative mobility blockchain products and services that can bring positive social, environmental and economic change in the communities we operate in. 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.”

“Unlike the currently existing ride-hailing platforms in Southeast Asia, MVL has been able to define the issues in the mobility market to successfully attract significant users. They were able to find a new way to build a strong connection between suppliers and consumers, as well as hardware and software in the midst of developing a mobility ecosystem,” said a spokesman from SV Investment.

TADA debuted in Singapore in January 2019 and since then has expanded in another two countries: Vietnam and Cambodia. Despite the short appearance in the market, it has signed up more than 50,000 drivers across the three countries. TADA will be aggressively expanding its footfall in Asia in the coming months.