Automotive component producer Central has led a $15m series B round for MVLLabs, the Singapore-based operator of blockchain-focused ride hailing service Tada, DealStreetAsia reported today.
Venture capital firm Trive Capital also participated in the round, which brought the company’s overall funding to a reported $28.4m.
Tada is an on-demand ride and delivery service spanning some 100,000 drivers and nearly 900,000 registered users across Singapore, Vietnam and Cambodia. It now plans to launch its own electric vehicle, the Onion T1, and incorporate it into its Cambodian fleet.
The company secured $5m in a late 2019 round led by SV Investment and backed by Central and peer Simwon, before Central led another $5m round in August 2020. Financial services firm Shinhan Bank invested an undisclosed sum in May 2020, according to DealStreetAsia.
