February 3, 2023

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Dat Bike Gets Another $8M To Bring More E-Bikes To Vietnam’s Streets • TechCrunch

Dat Bike is dedicated to bringing more electric bikes onto Vietnam’s roads. The startup announced today that it has raised $8 million, led by Jungle Ventures, a returning Singaporean investor, just seven months after announcing its first round of funding. Also participating in this round were GSR Ventures and Delivery Hero Ventures, as well as Wavemaker Partners and Innoven Capital.

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

Dat Bike was founded in 2018 by Son Nguyen, who was a software engineer in Silicon Valley learning how to build bikes out of scrap metal. The company says its revenue has increased 10-fold over the past 12 months.

Its bikes are sold through three stores in Ho Chi Minh City, Hanoi and Da Nang, with more stores planned. It will be extended to Quang Ninh, Hai Phong, Nha Trang, Binh Duong and Can Tho in the coming months.

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

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

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

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

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

In a statement on 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 Son is building with Dat Bike.”