Dat Bike wants to put more electric bikes on the road. Just seven months after announcing its first round of funding, the startup said it has raised $8 million. Wavemaker Partners and Innoven Capital were involved in the round.
Dat Bike has raised $16.5 million to date. Its new funding will be used to hire for sales, support, R&D and product teams, as well as build more capacity in its factories.
Dat Bike is the creator of Vietnam’s first domestic electric motorbike
Son Nguyen founded Dat Bike after learning how to build bikes from scrap while working as a software engineer. Over the past year, the company's revenue has grown 10 times.
There are three stores in Ho Chi Minh City that sell its bikes. Over the next few months, it will be expanded to other provinces.
Dat Bike is available through online channels and stores with plans to get a fast feedback loop to increase the speed of innovations and developments.
Dat Bike scaled its production capacity and went-to-market teams while continuing to invest in research and development, according to the company's CEO. Dat Bike can be found in all of Vietnam.
Dat Bike wants to convert gasoline bike users to electric by delivering an e-bike with good after sales service.
The Weaver 200 has a range of 200 kilometers and a charging time of one hour for 100 km and three hours for a full 200 km charge, compared to 6 to 8 hours for other e- bikes, according to Dat Bike.
Dat Charge is a charging station that the startup claims reduces charging time by a third. Dat Charge is currently available in the center of Ho Chi Minh City and will be expanded nationwide over the next few years.
"This is our third investment in Dat Bike and we continue to be amazed by the incredible execution by the team," said vice president My tran. The growth is a sign of the future that Son is building.
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