The Mobility Startup MVL LABS Raises 16M in Series B Funding


[MVL] The Mobility Startup MVL LABS Raises 16M in Series B Funding


On April 9, 2021, Blockchain mobility company MVL Labs announced that it has succeeded in attracting 18 billion KRW worth of Series B investment from a number of investment companies such as Central and Trive, a Singapore-based VC that mainly invests in startups whose technology has proven itself while positively affecting Southeast Asia. As a result, MVL's cumulative investment exceeded 34 billion KRW.

Central, which led the Series B investment, was also part of MVL's Series A investment. As an auto parts manufacturer, Central supplies mobile parts to global OEM (Original Equipment Manufacturer) brands including leading electric vehicles such as GM, Ford and Hyundai, Kia Motors and aims to expand its market share in SE Asia.

MVL's CEO Gyeong-sik Woo said, “This investment will accelerate the expansion of energy infrastructure business and manufacturing E-Tuk Tuk in connection with the platform. Although we already have a strong user pool by successfully establishing the Tada platform in SE Asia, we will further solidify the value of our unique MVL platform through further distribution of electric vehicles.”