Vietnamese electric bike firm secures $8m from Jungle Ventures, others

Dat Bike, a Vietnam-based electric motorbike startup, has raised US$8 million in a funding round led by Jungle Ventures and joined by GSR Ventures, Wavemaker Partners, Innoven Capital, and Delivery Hero Ventures – the investment arm of Foodpanda’s parent firm.

The deal pushes the total funding Dat Bike has raised to date to US$16.5 million.

Photo credit: Dat Bike

Founded in 2019, Dat Bike said that its electric motorcycles have 4x the range (200 kilometers versus 50 kilometers) and faster charging time (3 hours versus 6 hours) compared to most alternatives. The Vietnam Ministry of Transportation recognizes the firm’s product as the first domestically made electric bike.

Recently, the startup rolled out a charging station solution called Dat Charge, which it said can charge for rides up to 100 kilometers in just 20 minutes.

Since its establishment, it has opened three official stores in Ho Chi Minh City, Hanoi, and Da Nang. It plans to enter other Tier 1 cities in the country such as Quang Ninh, Hai Phong, Nha Trang, Binh Duong, and Can Tho in the coming months.

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Dat Bike was established by Son Nguyen, a former senior software engineer at US-based wealth management platform Addepar. In a statement, the firm said that its revenue has increased by 10x in the last 12 months.

The startup plans to use the fresh funding to hire more employees across sales, support, research, and product development. It also aims to improve its product and increase production capacity in its factories.