Dat Bike is on a quest to put more and more electric bikes on the roads of Vietnam. The startup revealed today that it had secured USD 8 million in capital, headed by Singapore-based Jungle Ventures, barely seven months after the first round of funding was announced. GSR Ventures, Delivery Hero Ventures, Wavemaker Partners, and Innoven Capital also attended this round.
Dat Bike’s total funding now stands at USD 16.5 million. It plans to spend additional funds on technology and product development, as well as hiring for the sales, support, R&D, and product teams and expanding factory capacity.
Son Nguyen launched Dat Bike in 2018 after learning how to construct bikes from garbage while working as a software programmer in Silicon Valley. The corporation’s income has increased tenfold in the last year.
Its motorcycles are available in three locations: Ho Chi Minh City, Hanoi, and Da Nang, with more locations planned. Over the next few months, it will expand to Quang Ninh, Hai Phong, Nha Trang, Binh Duong, and Can Tho.
Dat Bike is available through online channels and stores, with plans to establish a quick feedback loop to accelerate innovation and development in each product release.
Nguyen stated that since Dat Bike’s previous fundraising round, the company had increased its production capacity and go-to-market teams while continuing to spend on R&D. Dat Bike is currently accessible in Vietnam’s three regions.
According to Nguyen, Dat Bike’s customer approach is first offering an e-bike with after-sales solid support before converting gasoline bike consumers to electric.
Dat Bike says that their newest model, the Weaver 200, has an impressive range of 200 kilometers, compared to most other electric bikes’ ranges of 50 kilometers, and a charging period of one hour for 100 kilometers and three hours for a total of 200 kilometers charge, compared to the 6 to 8 hours for other e-bikes.
More about the startup:
The business just released Dat Charge, a very own charging station for its bikes that claims to cut charging time in half. Dat Charge is now accessible in the heart of Ho Chi Minh City, with plans to roll it out statewide in the coming years.
“This is our third investment in Dat Bike, and we continue to be surprised by the great execution of the team,” said Jungle Ventures vice president My Tran in a statement. The expansion is a testament to Son’s electric future with Dat Bike.”
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