# MVL Foundation Pte.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mvl-foundation-pte

- Industry: Internet
- Headquarters: Singapore, Singapore
- Website: www.mvlchain.io
- Total disclosed funding: $26M
- Latest round: Series B (Apr 9, 2021)
- Investors on record: 9

## About

MVL Foundation Pte. Ltd. specializes in creating a blockchain-based mobility ecosystem, integrating various transportation services to enhance efficiency and sustainability using decentralized principles and innovative technologies.Founded in 2012 and headquartered in Singapore, MVL Foundation Pte. Ltd. operates a blockchain mobility platform. It has successfully raised USD 14.39 mn in its Series B funding round on April 9, 2021. The company was co-founded by Kay Woo and Ping-Chung Chen, with Marius Lupascu serving as the CEO. Notably, MVL has completed a total of 3 investment deals since its inception, and its latest funding round was led by Central Co. Ltd. and Iloom, with new investor participation from TRIVE.MVL offers a comprehensive blockchain-based mobility ecosystem designed to connect various mobility services with the decentralized principles of Web 3.0. Its core products include the TADA ride-hailing platform, operating in markets such as Singapore, Cambodia, and Vietnam, and the ONiON T1, an electric three-wheeler featuring a battery swap system for enhanced efficiency. Additionally, the Clutch wallet provides secure cryptocurrency management for users within the MVL ecosystem, allowing them to manage MVL tokens while engaging in incentivized activities. The company aims to build an extensive data ecosystem addressing urban mobility challenges and promoting sustainable transportation solutions.In the most recent fiscal year 2023, MVL reported a revenue of USD 27.43 mn and an EBITDA of USD 7.06 mn. Revenue primarily stems from its TADA ride-hailing service, which utilizes a zero-commission model, and from the operation of a token economy within its ecosystem. Participants earn MVL tokens based on their engagement, and the company also provides staking services that bolster revenue streams.MVL plans to leverage the USD 14.39 mn raised in its Series B funding round to launch its new electric vehicle model, the ONiON T1. The company aims to expand its footprint in the mobility sector by penetrating new markets and regions, although specific targets and timelines have not been disclosed. The upcoming vehicle launch is central to enhancing its offerings in the electric mobility space, aligning with MVL's strategic objectives.

## Funding rounds

- Series B, Apr 9, 2021, $14M — TRIVE, Iloom, Central Co. Ltd.
- Series A, Jul 29, 2020, $10M — Shinhan Bank, SV Investment, Iloom, Central Co. Ltd., Samkee Automotive Co.,Ltd., Simwon Development Co.,Ltd., NEO CTR CO. ltd
- Seed, Jun 24, 2019, $1M — Korea Asset Investment Securities

## Investors

- Korea Asset Investment Securities (https://capitalatlas.ai/funds/korea-asset-investment-securities) — Seed
- Shinhan Bank — Series A
- SV Investment (https://capitalatlas.ai/funds/sv-investment) — Series A
- Iloom — Series A, Series B
- Central Co. Ltd. — Series A, Series B
- Samkee Automotive Co.,Ltd. — Series A
- Simwon Development Co.,Ltd. — Series A
- NEO CTR CO. ltd — Series A
- TRIVE (https://capitalatlas.ai/funds/trive) — Series B