Singapore, 24th November 2022: Vietnam’s leading electric motorbike startup, Dat Bike, has announced an $8M fundraise 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 $16.5M. 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 invest 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 have 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 with consistently launching industry best innovation in the market. It’s latest model Weaver 200 has a range of 200 km Vs 50km of most EVs, is more powerful 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 improve 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 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 commented, “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 ~$25bn in Southeast Asia. Dat Bike have 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. The startup is now getting ready to launch its latest model shortly.
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About Dat Bike
Dat Bike is a technology startup whose mission is to drive the mass adoption of green transportation in Vietnam, and, in the near future, in Southeast Asia. Dat Bike is recognized by the Vietnam Ministry of Transportation as the first domestically made electric bike, and the only one which can rival the performance of traditional gas bikes. It does this while offering a sustainable, green transportation option for Southeast Asians.
Website: https://www.dat.bike
LinkedIn : https://www.linkedin.com/company/dat-bike
Fanpage: https://www.facebook.com/datbikevn
About Jungle Ventures
Jungle Ventures is a Singapore based venture capital firm investing in tech startups across seed to growth stages in Southeast and India. Jungle partners with the region’s most exciting founders to build high-growth, capital-efficient technology businesses, and supports their growth from seed to IPO. Our portfolio includes regional and global category leaders like Kredivo, Moglix, Pomelo, Livspace, Builder.ai, Sociolla and more.
Find out more at www.jungle.vc/, or follow us on LinkedIn, Twitter, Youtube, or Instagram.
About GSR Ventures
Founded in 2004, GSR Ventures is one of the world’s most successful early-stage venture firms, with over $3 billion under management and offices in Singapore, Silicon Valley, and Beijing. We are focused on early-stage technology companies developing innovative enterprise software, consumer platforms, and healthcare technology. The GSR team brings unmatched expertise and includes founders, industry veterans, and enterprise executives.
For more information, visit www.gsrventures.com.
About Delivery Hero Ventures
Founded in January 2021, Delivery Hero Ventures is an independent venture capital firm backed by Delivery Hero, a leading global food delivery and quick commerce platform. Delivery Hero Ventures’ mission is to support the next generation of founders who are disrupting some of the most dynamic industries across the world. A key part of the fund’s value proposition is the ability to leverage Delivery Hero’s unique ecosystem to benefit founders and help them grow world-leading businesses.
For more information, please visit www.dhventures.vc.