Jungle Ventures led $5.3 M Series A funding secured by e-bike startup Dat Bike

Ila Dhond29/04/2022

255 1 minute read

Dat Bike, a Vietnamese e-motorbike business, has raised $5.3 million in Series A investment headed by Jungle Ventures, with participation from previous investor Wavemaker Partners.

This takes Dat Bike’s total fundraising to US $10 million since its beginning.

Dat Bike plans to invest in technology, grow to manufacture, expand to metro and tier-I cities across north, centre, and southern Vietnam, and employ top personnel with the additional funds.

Son Nguyen founded Dat Bike in 2019 with the goal of driving the mainstream adoption of green transportation in Vietnam and, in the near future, Southeast Asia. It intends to convert 250 million gasoline motorcycles to electric vehicles.

Dat Bike promises to have a competitive edge in terms of performance when compared to gasoline motorcycles. Its first-generation model, Weaver (2019), provided three times the performance (5kW against 1.5kW) and twice the range (100 km compared 50 km) of other e-motorbikes at the same price.

Dat Bike released its second model, the Weaver 200 (2021), in November 2021, which has double the range (200 km) and is more powerful (6kW) than the Weaver. Furthermore, charging time has been lowered from 6 to 8 hours for other electric bikes to 1 hour for a 100 km charge and 2.5 hours for a full 200 km charge.

The firm claims that with the debut of the Weaver 200 (November 2021), it has witnessed a 10x increase in revenue. To satisfy rising demand, the firm launched a new store in Hanoi in April 2022 and plans to build another in Danang soon.