Blockchain-based ride-hailing service Tada bags $5m in series A round

Singapore-based MVLLabs, the entity behind ride-hailing service Tada, has raised US$5 million in a series A round led by South Korean VC firm SV Investment.

Two of South Korea’s largest car parts manufacturers, Central and Simwon, also participated in the round, according to a statement.

MVL founder Kay Woo / Photo credit: MVL

MVLLabs is a mobility ecosystem based on the Mass Vehicle Ledger (MVL) incentive-based mobility blockchain protocol. Tada, a zero-commission ride-hailing platform built on MVL’s blockchain ecosystem, was first launched in Singapore in July 2018. It expanded to Cambodia and Vietnam earlier this year.

The company plans to use the fresh investment to fuel its continued expansion within its current markets and further develop its mobility ecosystem. MVLLabs also intends to funnel investments into building and delivering new products and services.

“This investment is a validation of our vision to build a sustainable and fairer mobility ecosystem. 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,” said MVLLabs CEO Kay Woo.

According to the startup, mobility data such as transactions, movements, accidents, and vehicle maintenance are recorded and connected in a single MVL ecosystem. Users interact with this ecosystem on the blockchain through connected services, including Tada and other upcoming services.

MVLLabs claims that Tada has over 50,000 drivers and more than 500,000 users across its operations in Singapore, Cambodia, and Vietnam. It was part of the first cohort of Singapore government-backed blockchain accelerator Tribe.