MVL Raises 3.5 Billion won in Series A Extension Round

Announcement

MVL Raises 3.5 Billion won in Series A Extension Round 


Details

After successful raise in Series A investment, MVLLABS Pte Ltd (“MVL”) has raised 3.5 billion won in bridge investment. Leading the round is Shinhan Bank, with co-investment from Iloom and Samkee Automotive. The funding brings MVL’s total funding up to 10 billion.

# Shinhan Bank
Shinhan Bank is part of the Shinhan Financial Group and is one of the largest commercial banks in Korea.

# Iloom
Iloom is a leading brand in Korea specialising in Home Furniture. With its business philosophy “We make furniture the right way,” Iloom has been providing innovative furniture. Ilom has won the internationally renowned iF Design Award and the Red Dot Design, as well as Japan’s Good Design Award and IDEA awards of America in 2018.

# Samkee Automotive
Founded in 1978, Samkee Automotive is a specialist in aluminum die casting. Samkee Automotive develops and manufactures an entire range of automotive die-cast parts, from existing internal combustion engine parts to electric vehicles and battery materials. It has been supplying parts to Hyundai-Kia, Volkswagen, and LG Group.

The new funding will be used to develop capabilities to provide more innovative services. MVL will not only accelerate the growth of TADA, a ride-hailing service in three countries in Southeast Asia but also expand its business to new sectors such as logistics and retail finance. In addition, MVL plans to focus more on the development of the mobility ecosystem based on blockchain protocols as well as expanding the use of MVL.