Based in Singapore, MVLLABS has closed $5 million in Series A funding round led by South Korean venture capital firm SV Investment.

South Korean car parts manufacturers, Central and SIMWON Inc also participated in the funding round.

It will use the fresh fund to grow its ride-hailing service, TADA in Asia and develop new blockchain-based products.

TADA started its operation in Singapore since January 2019 and is now operating in new markets like Vietnam and Cambodia with over 50,000 drivers signed up on the platform.

“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,” MVLLABS chief executive, Kay Woo remarked.