TADA raises US$5M to expand its blockchain-based zero-commission ride-hailing service in SEA
MVLLABS, the company behind TADA, a blockchain-based zero-commission ride-hailing service, announced today it has secured a Series A investment of US$5 million led by South Korean VC firm SV Investment.
Two of South Korea’s largest car parts manufacturers, Central and SIMWON, also participated in this funding round.
The financing will be used to fund MVL’s continued expansion within its existing markets and the development of the mobility ecosystem built on MVL’s blockchain protocol.
A part of the capital will also be used to develop competencies to deliver new products and services based on MVL’s blockchain.
Kay Woo, CEO of MVL, said, “Our team is committed to delivering innovative mobility blockchain products and services that can bring positive social, environmental and economic change in the communities we operate. 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 first’s 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 spokesperson from SV Investment.
MVL is a mobility ecosystem based on the Mass Vehicle Ledger incentive-based blockchain protocol. Unlike other cab-hailing platforms, TADA takes zero commission from drivers. For riders, the platform matches them with a driver quickly using its matching tech. The user can choose to pay with cash or debit/credit card.
Over 50,000 drivers and more than 500,000 users have used TADA in Singapore, Vietnam and Cambodia.
Mobility data such as transactions, movements, accidents, and maintenance of vehicles are recorded and connected in a single MVL ecosystem. Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as TADA and other upcoming services.