MVLLabs Bags $15 Million Series B Funding

Singapore: MVLLabs, a Singapore-based mobility blockchain company, has raised US$15 million in a Series B funding round led by Korean automotive parts manufacturer CENTRAL.

Singapore-headquartered TRIVE Ventures also participated in the round.

MVL will channel these funds towards expanding its mobility offerings – beginning with the launch of its first electric vehicle (EV), the ONiON T1.

Founded in 2012, MVL operates a blockchain-based platform where data such as transactions, movements, accidents, and maintenance of vehicles are recorded in a single ecosystem.

The company has been driving the mass adoption of its mobility blockchain through what it claims is Southeast Asia’s first blockchain-based ride-hailing service TADA.

MVL noted T1’s design is geared towards achieving greater cost efficiency. Internal estimations based on Phnom Penh’s market conditions project the ONiON EV will lower energy costs for traditional three-wheel vehicles (commonly known as tuk-tuks) to US$60 a month. The vehicles will also be sold separately from batteries, which gives the EVs a range of 100km.

The EV’s launch will be accompanied by the installation of ONiON mega battery swapping stations, which MVL said will be strategically located across Phnom Penh based on its analysis of existing ride-hailing data.

Besides, MVL shared it recently secured the Qualified Investment Project (QIP) status from the Cambodian government, giving it access to incentives including tax exemptions. The company noted the ONiON T1 project is expected to generate 380 new job opportunities.

MVL is currently taking pre-orders for the vehicles, with the first production units expected to be available by the end of 2021.

“This vehicle has been designed from the ground-up through engaging our drivers in Cambodia. We envisioned a practical yet aspirational electric vehicle tailored for them and their city of Phnom Penh. We are grateful for the support our strategic investors have provided us,” said Kay Woo, CEO of MVL.

“As a company, we have been focused on bridging the technology gap to make mobility affordable, and this launch paves the way for expansion into other EV models. We now look forward to furthering our mission to make mobility environmentally and socially sustainable,” he added.