MVL, the company behind TADA, a blockchain-powered ride-hailing service, announced today a series A investment of USD $5 million led by leading South Korean venture capital 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.
The investment will enable MVL to capitalize on the growth of TADA, its zero-commission ride-hailing product, where drivers and riders can strive towards a sustainable commuting future. Investments will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain.
“This investment is a validation of our vision to build a sustainable and fairer mobility ecosystem. 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 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 first’s in the region in the coming months.”
– Kay Woo, CEO of MVL