Dat Bike is on a mission to put more electric bikes on the streets of Vietnam. The startup said today that it has raised $8 million led by Singapore-based venture capital firm Jungle Ventures, just seven months after announcing its first round of funding. GSR Ventures and Delivery Hero Ventures also participated in this round, along with Wavemaker Partners and Innoven Capital.
The new round brings Dat Bike’s total raised to $16.5 million. It will use its new funding for technology and product development, hiring for its sales, support, R&D and product teams and building more capacity in its factories.
Dat Bike was founded in 2018 by Son Nguyen, who learned how to build bikes from scrap while working as a software engineer in Silicon Valley. The company says that over the past 12 months, its revenue has grown 10-fold.
Its bikes are sold through three stores in Ho Chi Minh City, Hanoi and Da Nang, with more stores planned. It will expand 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 fast feedback loop to increase the speed of innovations and developments with each of its product launches.
Nguyen told TechCrunch that since Dat Bike’s last funding round, it has scaled its manufacturing capacity and go-to-market teams, while continuing to invest in research and development. Dat Bike is also available in all three regions of Vietnam now.
Dat Bike’s customer strategy is to first deliver an e-bike with good after-sales service, Nguyen said, and its goal is to convert gasoline bike users to electric.
Dat Bike claims its newest model, the Weaver 200, has a range of 200km compared to 50km for most other e-bikes and a charging time of one hour for 100km and three hours for a full 200km charge, compared to 6 up to 8 hours for other e-bikes.
The startup recently launched Dat Charge, a charging station for its bikes that it says cuts charging time by a third. Dat Charge is currently available in downtown Ho Chi Minh City, with plans to expand nationwide in the coming years.
In a statement about Jungle Ventures’ investment, VP My Tran said: “This is our third investment in Dat Bike and we continue to be amazed by the incredible execution from the team. The development is a testament to the electric future that Son is building with Dat Bike.”