Dat Bikes Raised $8M with the Mission to Fill Vietnam’s Roads with E-Bikes

Dat Bikes is a Vietnamese producer of electric bikes that came into existence in 2018, founded by Son Nguyen. It is a technology startup that aims to drive the mass adoption of electric vehicles in the entire of Vietnam along with South Asia in the near future. 

It is headquartered in Ho Chi Minh City, NA, Vietnam. The newest model of Dat Bikes, the Weaver 200 claims to have a range of 200 km which is 4 times more than the ordinary electric bikes which are just 50 km. Also, the charging time is much less(3 hrs for 200 km) in comparison to other bikes(6-8 hours for 200 km). 

The founder of Dat Bikes, Son Nguyen said that the company’s goal is to turn the users of gasoline bikes towards electronics and their plan is to deliver good after-sales e-bikes. 

Details about the New Funding Round

The company recently announced that it has raised $8 million in a new series that came just after 7 months of its previous funding. It made the total raised by the e-bike producer company $16.5 million. 

It was led by Jungle Ventures, who returned after their first deal with the company and got support from other investors as well including GSR Ventures, Hero Ventures, Innoven Capital, and Wavemaker Partner. 

Son Nguyen said that they are incredibly proud of the progress made by them so far, and they will try to continue it by making the performance of electric vehicles better than gasoline. 

Dat Bikes has received an overwhelming response from customers since its inception and the last 12 months have been proven to be the best as the revenue of the company has increased by 10 times. 

In recent times, an ultra-fast charging station was launched by Dat Bikes, especially for 2-wheelers which reduces the charging time by 3 times and gives a charging for 100km in just 20 minutes. 

Aim to Deploy the Fresh Funds

The company aims to use this round’s capital in improving the company’s technology and products along with its development, to acquire bulk hiring across sales, research and development(R&D), support, and product teams. 

They want to increase the volume of their company to reach the skyrocketing demands of their products. 

Along with these aims, its goal also includes broadening its boundaries beyond Hanoi, Ho Chi Minh City, and Da Nang to other big cities in the coming months including Hai Phong, Quang Ninh, Nha Trang, Can Tho, and Binh Duong. 

The founder and CEO of Dat Bikes said that the fresh fund will enable them to invest in building up their manufacturing capabilities, scaling their production, and improving their product for the customers of Vietnam and beyond. 

Investors of This Round

The Singapore-based Jungle Ventures led this funding round and the vice president of the venture capital, My Tran said that, 

This was their 3rd investment with Dat Bike and they similarly amazed them with their team execution. The growth is evident with Son Nguyen’s electric products, he added and said further that they are highly confident about the lead of Dat Bikes in their aim of transforming the bike system into green transportation and this is not only in Vietnam but also around the globe. 

The managing partner of Delivery Hero Ventures, Brendon Blacker said that they are highly excited to reinforce the Dat Bike team in their mission of electrification of the two-wheel vehicle industry which is about $25 billion in Southeast Asia. 

Conclusion

Dat Bikes raised $8 million in funding to improve the company’s technology and products along with its development, to acquire bulk hiring across sales, research, and development(R&D), support, and product teams, and also to expand their roots beyond Vietnam. Jungle Ventures led this round and GSR Ventures, Hero Ventures, Innoven Capital, and Wavemaker Partner helped with the same enthusiasm. 

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