More E-Bikes Will Be Placed on Vietnam’s Roads Thanks to an Additional $8 Million Given to Dat Bike
Dat Bike aims to increase the number of electric bikes on Vietnam's roadways. Just seven months after announcing its initial round of fundraising, the startup revealed today that it had received $8 million, with Jungle Ventures, a Singapore-based investor, serving as the lead. Along with Wavemaker Partners and Innoven Capital, other investors in this round included GSR Ventures and Delivery Hero Ventures.
The Highlights:
- Thanks to Dat Bike, more electric motorcycles are being added to Vietnam's road ways. Just seven months after announcing its initial fundraising round, the startup revealed today that it had secured $8 million, headed by Singapore-based Jungle Ventures, a returning investor.
- Nguyen stated that since Dat Bike's previous fundraising round, it had increased its production capacity and go-to-market teams while continuing to spend on R&D. Currently, Dat Bike is accessible in all three areas of Vietnam.
- A charging station for its bikes called Dat Charge, which the business just unveiled, is said to cut charging time in half. With aspirations to become statewide in the following several years, Dat Charge is now accessible in the heart of Ho Chi Minh City.
With this latest round, Dat Bike has now raised $16.5 million in total. It will invest additional financing in product and technology development, staffing its sales, support, R&D, and product teams, and expanding its factory capacity.
Son Nguyen, a founder of Dat Bike, learned how to construct bikes from waste while working as a software programmer in Silicon Valley. Son started Dat Bike in 2018. The business claims a 10x increase in sales over the previous 12 months.
Three storefronts in Ho Chi Minh City, Hanoi, and Da Nang now sell its motorcycles, and further locations are in the works. Over the following three months, it will spread to Quang Ninh, Hai Phong, Nha Trang, Binh Duong, and Can Tho.
In order to accelerate the speed of innovations and advances in each product release, Dat Bike is also offered through online channels and store locations.
According to Nguyen, since Dat Bike's previous fundraising round, the company has ramped up its production capacity and go-to-market teams while continuing to invest in R&D. Additionally, Dat Bike is now accessible in all three regions of Vietnam. Dat Bike's customer approach is first to offer an e-bike with excellent after-sales support to convert consumers of gasoline bikes to electric.
With Dat Bike, its most recent model, the Weaver 200, has a range of 200 kilometers, as opposed to the 50 kilometers that most other electric bikes have. It also claims that charging the Weaver 200 takes just one hour for 100 kilometers and three hours for a total of 100 kilometers, as opposed to six to eight hours for other e-bikes.
The business introduced Dat Charge, a charging station for its bikes that, according to the startup, cuts charging time in half. Dat Charge is now offered in the heart of Ho Chi Minh City, with the intention to make it available throughout the country in the coming years.
Vice president My Tran remarked on Jungle Ventures' investment: "This is our third investment in Dat Bike and we continue to be delighted by the excellent execution by the team. The expansion is evidence of the electric future Son is constructing with Dat Bike.”
Adapted from TechCrunch