MVL raises US$15m Series B funds to build electric vehicles in Cambodia

MVLLABS, the company behind South-east Asian ride-hailing service TADA, has raised US$15 million in Series B funding to build an electric vehicle (EV) model for launch in Cambodia.

The round was led by existing investor Central, an automotive parts manufacturer in South Korea, and joined by Singapore-based early-stage venture firm Trive.

The EV, called the ONiON T1, was developed in collaboration with Central. The vehicle will be launched through MVL’s subsidiary, MVL Energy. It will be added to TADA’s fleet in Phnom Penh, Cambodia, where the firm offers both ride-hailing and delivery services.

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