Vietnam-based electric motorbike startup Dat Bike today announced a US$8 million funding round 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.
The company also announced plans to expand beyond Ho Chi Minh City, Hanoi and Da Nang, to other Tier 1 cities in Vietnam such as Quang Ninh, Hai Phong, Nha Trang, Binh Duong, and Can Tho in the coming months.
It is also preparing to launch its latest model shortly.
Also Read: Dat Bike bags US$2.6M pre-Series A to bring more electric motorbikes to Vietnam
Dat Bike is a technology startup whose mission is to drive the mass adoption of green transportation in Vietnam and Southeast Asia. In a press statement, the company said that it is recognized by the Vietnam Ministry of Transportation as the first domestically-made electric bike.
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 its launch, the startup said that it has received an “overwhelming” response and increased revenue by 10x in the last 12 months.
It has opened three official stores in Ho Chi Minh City, Hanoi and Da Nang, with more stores in the pipeline.
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.”
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Image Credit: Dat Bike
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