Vietnamese EV startup Dat Bike secures $8m in round led by Jungle Ventures

Vietnamese EV startup Dat Bike secures $8m in round led by Jungle Ventures

Vietnamese electric motorbike startup Dat Bike has secured $8 million in a new funding round led by Singapore-based Jungle Ventures, according to an announcement.

GSR Ventures and Delivery Hero Ventures also participated in the round, along with Wavemaker Partners and Innoven Capital.

This new funding round, which comes a few months after the startup bagged $5.3 million in a Series A round, brings the total funds raised by the company to $16.5 million.

Dat Bike intends to use the fresh funds for building and improving tech and product, hiring across sales, support, R&D and product teams to manage growing volumes, and investing in capacity building in its factories.

Founded in 2019 by Son Nguyen, a software engineer from Silicon Valley, Dat Bike was built with a vision to drive mass adoption of green transportation and transform Vietnam’s vehicle market from petrol to electric.

The company claims that in the last 12 months alone, its revenue saw a 10x increase. To date, Dat Bike has opened three stores in Ho Chi Minh City, Hanoi and Da Nang, with more in the pipeline.

Most recently Dat Bike also launched Dat Charge, an ultra-fast charging station for 2-wheelers that reduces charging time by a third, by charging 100 km in 20 minutes, compared to 60 minutes or more for ordinary EV charging stations.

“This is our third investment in Dat Bike. We are confident that Dat Bike will lead the transformation to green transportation, not only in the region but also globally,” said Jungle Ventures vice-president My Tran.

Jungle Ventures led the $2.6-million pre-Series A funding in Dat Bike in 2021. The VC firm continued to lead the $5.3-million Series A funding round in April this year.

The transaction follows Jungle Venture’s investments in merchant platform KiotViet, social commerce platform Mio, healthcare and insurtech platform Medici, and digital bank Timo.

The Dat Bike deal also marks the first Vietnam investment of Delivery Hero Ventures, the VC arm of global delivery giant Delivery Hero.

“The company’s mission resonates strongly with Delivery Hero’s ambitions to electrify its delivery fleet and create a more sustainable delivery industry,” said Brendon Blacker, managing partner of Delivery Hero Ventures.

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