Dat Bike, a Vietnamese electric motorcycle startup, raised $5.3 million in a Series A round headed by Jungle Ventures with participation from current investor Wavemaker Partners on Thursday, bringing the company’s total funding to $10 million since its creation.
Dat Bike stated in a statement that it plans to invest in technology, grow production, expand to metro and Tier 1 cities across North, Central, and South Vietnam, and attract top people with the new round of funding.
“Dat Bike is thrilled to be at the vanguard of Southeast Asia’s transportation reimagining.” “Today, Dat Bike represents high-performance, electric motorbikes that are created and constructed at reasonable rates for the changing Vietnam.
We are tremendously happy of the success we have accomplished so far, and we continue to strive to make electric vehicle performance equal to or better than gasoline.
Dat Bike’s Founder and CEO, Son Nguyen, said, “We are happy to continue partnering with Jungle Ventures as we extend into more locations in Vietnam.”
Son’s ecologically friendly innovation was introduced to the world on Shark Tank Vietnam in what became the country’s most watched episode.
Since then, Dat Bike has been established with the goal of accelerating the adoption of green transportation in Southeast Asia and converting the 250 million gasoline motorcycles in the region to electric.
Despite Southeast Asia being one of the world’s largest motorcycle markets, electric vehicles have been sluggish to catch on since they are typically considered as a weak and low-ranged alternative to gasoline bikes, giving only half the performance of a standard gas bike. This is the void that Dat Bike seeks to fill.
Dat Bike’s competitive advantage has been its performance against gasoline bikes, which is the product of their extensive vertical integration, which includes designing and manufacturing essential components such as the speed controller and battery in-house.
Despite a four-month wait time, the company has been inundated by client demand since the launch of Weaver 200 in November 2021, with revenue soaring tenfold.
To satisfy the increased demand, the company launched a new store in Hanoi in April 2022 and plans to build another in Danang soon.
“The $25 billion Southeast Asian two-wheeler industry, in particular, is on the verge of electrification. Son’s determination to electrify Southeast Asia’s two-wheeler market is fueled in part by a keen awareness of the oncoming environmental issue, as well as Dat Bike’s unrivalled performance. “We are ecstatic to collaborate with Dat Bike to lead the transformation in the region and set the global standard for high-performance electric motorcycles,” said My Tran, Vice President of Jungle Ventures.
This investment, according to the statement, demonstrates Jungle Ventures’ commitment to Vietnam, following its recent investments in KiotViet, Vietnam’s leading merchant platform for SMEs; Mio, Vietnam’s leading social commerce platform for grocery and fresh produce; and Medici, Vietnam’s leading healthcare and insurtech platform; Timo, Vietnam’s first and leading digital bank; and several others to be announced in the coming months.
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