Korea VC backs SE Asia ride-hailing start-up MVL

Automotive technology company Simwon and a transportation services provider called Central, both based in Korea, also participated, according to AVCJ Research.

Based in Singapore and operational across Cambodia and Vietnam, MVL claims a network of more than 50,000 drivers and 500,000 passengers. To date, its core markets have not been substantially penetrated by sector leaders Go-Jek and Grab, although the former launched in Vietnam in 2018 and the latter committed $500 million to its country agenda earlier this year.

MVL aims to differentiate itself, however, by focusing on blockchain systems development. This effort envisions the creation of an incentive-based ecosystem of mobility businesses that gather information in one centralized database. Blockchain technology is then used to process the data exchange to reduce costs related to inefficient communication.

The company was founded in 2012 and launched Tada last year with a zero-commission policy. This means drivers do not have to pay platform fees. Drivers, mechanics, car dealers, and passengers are all data providers in the ecosystem and are incentivized to participate through reward points, which can be redeemed for MVL security tokens.

SV Investment makes commitments of KRW1-5 billion to technology start-ups and small to medium-sized enterprises. Areas of interest include digital display and LED applications, digital media, mobile IT, semiconductors, and biotechnology. The firm invests primarily in Korea but was active in Southeast Asia as recently as October with participation in a $15 million round for Singapore-based medical technology supplier Curiox Biosystems.

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• Topics
• Southeast Asia
• Early-stage
• Consumer
• Technology
• Singapore
• Vietnam
• Cambodia
• automobiles