Vietnam’s leading electric motorbike startup, Dat Bike, has raised US$8 million in funds led by Singapore-based Jungle Ventures. GSR Ventures and Delivery Hero Ventures also participated in the round, along with Wavemaker Partners and Innoven Capital.
This brings the total funds raised by the company to US$16.5 million. Dat Bike intends to use the fresh funds towards building and improving tech and product, hiring across sales, support, R&D, and product teams to manage growing volumes, and investing in capacity building in its factories.
Founded in 2019 by Son Nguyen, a software engineer from Silicon Valley, Dat Bike was built with a vision to drive mass adoption of green transportation and transform Vietnam’s vehicle market from petrol to electric.
Since launch, the consumer response to the motorbikes has been overwhelming and in the last 12 months alone Dat Bike’s revenue has increased 10x. Today, Dat Bike has opened three official stores in Ho Chi Minh City, Hanoi, and Da Nang, with more stores in the pipeline.
Dat Bike’s journey so far has been marked by consistently launching the industry’s best innovation in the market. Its latest model Weaver 200 has a range of 200 km Vs 50km of most EVs, is more powerful at 6kW Vs 1.5 kW of other electric motorbikes and has a charging time of 1 hour for a 100 km charge and 3 hours for a full 200 km charge, compared to 6-8 hours of other electric bikes.
Most recently Dat Bike also launched Dat Charge, an industry-first ultra-fast charging station for 2-wheelers that reduces charging time by a third, by charging 100 km at an unbeatable 20 minutes, compared to 60 minutes or more for ordinary EV charging stations.
Son Nguyen, founder and CEO of Dat Bike said, “We are incredibly proud of the progress we have made so far, and we continue to strive to make electric vehicle performance at par and better than gasoline. With the fresh funds, we will be able to invest in building top-of-the-line manufacturing capabilities, scale production efficiently, and continuously improves our products for our consumers in Vietnam and beyond.”
My Tran, Vice President at Jungle Ventures said, “This is our third investment in Dat Bike and we continue to be amazed by the incredible execution by the team. The growth is a testament to the electric future that Son is building with Dat Bike. We are confident that Dat Bike will lead the transformation to green transportation, not only in the region but also globally.”
Brendon Blacker, Managing Partner of Delivery Hero Ventures said; “We are very excited to support Son and the Dat Bike team in their mission to electrify the two-wheeler industry, which is estimated to be ~US $25 billion in Southeast Asia.
Dat Bike has continuously demonstrated industry-leading innovation, which has enabled them to compete with gas motorbikes both in terms of price and performance. The company’s mission resonates strongly with Delivery Hero’s ambitions to electrify its delivery fleet and create a more sustainable delivery industry.
Going forward, Dat Bike will be increasing its factory capacity to meet the rising demand. In addition, the company has announced its plans to expand beyond Ho Chi Minh City, Hanoi and Da Nang, to other Tier 1 cities like Quang Ninh, Hai Phong, Nha Trang, Binh Duong, Can Tho in the coming months.