Dat Bike is on a mission to place extra electrical bikes on Vietnam’s roads. The startup mentioned at this time it has raised $8 million led by returning investor Singapore-based agency Jungle Ventures, simply seven months after its first spherical of funding was introduced. GSR Ventures and Supply Hero Ventures additionally participated on this spherical, together with Wavemaker Companions and Innoven Capital.
The brand new spherical brings Dat Bike’s whole raised to $16.5 million. It’s going to use its new funding on tech and product improvement, hiring for its gross sales, help, R&D and product groups, and constructing extra capability in its factories.
Dat Bike was based in 2018 by Son Nguyen, who realized the way to construct bikes from scrap whereas working as a software program engineer in Silicon Valley. The corporate says that over the previous 12 months, its income has grown 10x.
Its bikes are bought via three shops in Ho Chi Minh Metropolis, Hanoi and Da Nang, with extra shops deliberate. It’s going to develop to Quang Ninh, Hai Phong, Nha Trang, Binh Duong and Can Tho over the subsequent few months.
Dat Bike can also be accessible via on-line channels and shops, with plans to get a quick suggestions loop to extend the velocity of improvements and developments in every launch of its merchandise.
Nguyen instructed TechCrunch that since Dat Bike’s final funding spherical, it has scaled its manufacturing capability and go-to-market groups whereas persevering with to spend money on analysis and improvement. Dat Bike can also be accessible in all three areas of Vietnam now.
Dat Bike’s buyer technique is to first ship an e-bike with good after gross sales service, Nguyen mentioned, and its aim is to transform gasoline bike customers to electrical.
Dat Bike claims that its latest mannequin, the Weaver 200, has a variety of 200 kilometers in comparison with 50 kilometers for many different electrical bikes, and a charging time of 1 hour for 100 km and three hours for a full 200 km cost, in comparison with 6 to eight hours for different e-bikes.
The startup just lately launched Dat Cost, a charging station for its bikes, which it says reduces charging time by a 3rd. Dat Cost is at present accessible within the middle Ho Chi Minh Metropolis, with plans to develop it nationwide over the subsequent few years.
In a press release about Jungle Ventures’ funding, vice chairman My Tran mentioned, “That is our third funding in Dat Bike and we proceed to be amazed by the unbelievable execution by the crew. The expansion is testomony to the electrical future that Son is constructing with Dat Bike.”