Vietnamese electric motorbike startup Dat Bike has secured $8 million in a funding round, bringing the total since its establishment to $16.5 million.
The round was led by returning investor, Singapore-based Jungle Ventures, with participation from GSR Ventures, Innoven Capital, Wavemaker Partners, and Delivery Hero Ventures – the investment arm of Foodpanda’s parent firm.
The startup will use the new round of funding to invest in technology, scale production, product development and hiring talent, said Nguyen Ba Son, founder and CEO of Dat Bike.
Founded in 2019, Dat Bike says its revenue grew 10 times over the past 12 months.
The launch of its latest model, Weaver 200, has solved the problems of performance and range as it has a maximum capacity of 6,000W, covering 200 km with a 3-hour charge, Son said.
The startup has also launched Dat Charge – an ultra-fast charging station for its electric bikes, which allows charge for a 100km trip in 20 minutes and 150km in 30 minutes. This is the highest electric bike charging speed in the country at present, according to the company.
After four years of operations, Dat Bike has three stores in Ho Chi Minh City, Hanoi and Danang. It plans to enter other Tier 1 cities, including Quang Ninh, Hai Phong, Nha Trang, Binh Duong and Can Tho, soon.