Dat Bike gets another $8 million to put more electric bikes on Vietnam's roads

Dat Bike is on a mission to put more electric bikes on Vietnam’s roads. The startup said today that it has raised $8 million, led by returning investor Singapore-based firm Jungle Ventures, just seven months after the first funding round was announced. GSR Ventures and Delivery Hero Ventures also participated in this round, along with Wavemaker Partners and Innoven Capital.

The new round brings Dat Bike’s total raised to $16.5 million. It will use its new funding for technology and product development, hiring for its sales, support, R&D and product teams and building more capacity at its factories.

Dat Bike was founded in 2018 by Son Nguyen, who learned how to build bikes from scrap while working as a software engineer in Silicon Valley. The company says that over the past 12 months, its revenue has grown 10-fold.

Its bikes are sold in three stores in Ho Chi Minh City, Hanoi and Da Nang, with more stores planned. In the next few months, it will expand to Quang Ninh, Hai Phong, Nha Trang, Binh Duong and Can Tho.

Dat Bike is also available through online channels and stores, with plans to receive rapid feedback to increase the speed of innovation and development in each release of its products.

Nguyen told TechCrunch that since Dat Bike’s latest funding round, it has increased its manufacturing capacity and go-to-market teams while continuing to invest in research and development. Dat Bike is now available in all three regions of Vietnam.

Dat Bike’s customer strategy is to first deliver an e-bike with good after-sales service, Nguyen said, and its goal is to convert gasoline bike users to electric.

Dat Bike claims its latest model, the Weaver 200, has a range of 200km compared to 50km for most other e-bikes and a charging time of one hour for 100km and three hours for a full charge of 200km, in compared to 6 to 8 hours for other electric bikes.

The startup recently launched Dat Charge, a charging station for its bikes that it says cuts charging time by a third. Dat Charge is currently available in downtown Ho Chi Minh City, with plans to expand nationwide over the next few years.

In a statement regarding Jungle Ventures’ investment, Vice President My Tran said, “This is our third investment in Dat Bike and we continue to be amazed by the incredible performance of the team. The growth is a testament to the electric future that Son is building with the Dat Bike.”

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