Dat Bike raises additional $8 mln from five venture capital firms
Vietnamese start-up Dat Bike has raised $8 million led by Jungle Ventures with participation from GSR Ventures, Delivery Hero Ventures, Wavemaker Partners and Innoven Capital, the electric motorcycle maker said Thursday.
The latest funding put the Ho Chi Minh City-based manufacturer’s total raised capital at $16.5 million since establishment in 2019.
Dat Bike plans to use the new investment to develop, upgrade technology and products, recruit more sales, customer care and R&D personnel to handle rapidly growing orders, at the same time investing in expanding its factory's production scale.
The electric motorcycle maker currently has three stores in HCMC, Hanoi and Danang and plans to open more in Quang Ninh province, Hai Phong city, Nha Trang town, Binh Duong province and Can Tho city.
In April, Dat Bike has raised a $5.3 million Series A led by Jungle Ventures with participation from Wavemaker Partners.
Venture capital firms Jungle Ventures and Wavemaker Partners are returning investors. In April last year, Dat Bike raised $2.6 million in pre-Series A funding led by Jungle Ventures, with participation from Wavemaker Partners, Hustle Fund, and iSeed Ventures.
In August, Dat Bike put into operation its first 20-minute charging station, allowing a travel distance of 100 kilometers.
The super-fast charging station called Dat Charge is located at the Research and Technology Transfer Center (SiHUB), 273 Dien Bien Phu street, District 3, HCMC.
Software engineer Nguyen Ba Canh Son started learning how to build bikes from small parts while working in Silicon Valley in the U.S. He returned to Vietnam in 2018, then set up Dat Bike while seeing a market trend in using electric motorbikes to cut the amount of gasoline used.
- Read More
Maersk opens its first bonded warehouse in Vietnam
Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.
Industries - Thu, October 31, 2024 | 11:44 pm GMT+7
ABBank incurs $14 mln loss in Q3
Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.
Banking - Thu, October 31, 2024 | 9:29 pm GMT+7
Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec
Southeast Asia’s rise as a vital logistics hub with Vietnam positioned as a key manufacturing center presents a significant business opportunity, says Yap Kwong Weng, CEO of Vietnam SuperPort.
Companies - Thu, October 31, 2024 | 9:01 pm GMT+7
Indonesia steps up support for textile industry
Indonesia’s President Prabowo Subianto held a close-door meeting with several ministers on Tuesday to discuss the current situation of Indonesia's textile industry, particularly focusing on textile giant Sri Rejeki Isman (Sritex).
Southeast Asia - Thu, October 31, 2024 | 6:01 pm GMT+7
Thailand speeds up plans to construct six new airports
Thailand’s Transport Ministry is accelerating development and construction projects on six airports with an aim to become the region's transportation hub.
Southeast Asia - Thu, October 31, 2024 | 6:00 pm GMT+7
Thailand develops eco-friendly seaport model
Thailand is striving to implement environmental protection and social sustainability solutions in developing the country’s major infrastructure projects, such as the development of Phase 3 of Laem Chabang Port, Thailand's only deep-sea port.
Southeast Asia - Thu, October 31, 2024 | 5:58 pm GMT+7
Indonesia intensifies oil palm cultivation to meet biodiesel demand
Indonesia is expanding its oil palm cultivation to increase crude palm oil (CPO) production as a raw material for 50% biodiesel (B50), according to the country’s Ministry of Agriculture.
Southeast Asia - Thu, October 31, 2024 | 5:56 pm GMT+7
Malaysia’s first domestic EV model opens for booking
The Malaysian multinational automotive company Proton's first electric vehicle (EV), the e.MAS 7, is now open for booking.
Southeast Asia - Thu, October 31, 2024 | 5:54 pm GMT+7
Thailand aims to become emerging leader in AI
Thailand is positioning itself as an emerging leader in artificial intelligence (AI) regulation and development, thanks to policies that support an approach that balances technological innovation with ethical considerations and workforce protection.
Southeast Asia - Thu, October 31, 2024 | 5:53 pm GMT+7
Vietnam PM calls for more investment from Qatar’s $475 bln sovereign wealth fund
Vietnamese Prime Minister Pham Minh Chinh has called on the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund with total assets amounting to $475 billion as of 2023, to ramp up its investment in Vietnam.
Industries - Thu, October 31, 2024 | 4:43 pm GMT+7
FPT Retail earns $6.5 mln in Q3 profit, to expand FPT Shop chain
Vietnamese retail major FPT Retail made a profit after tax of VND165 billion ($6.52 million) in the third quarter of this year, while it incurred a loss of VND13 billion ($514,000) in the same period last year.
Companies - Thu, October 31, 2024 | 3:56 pm GMT+7
Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam
Germany’s PNE AG, a leading developer of renewable energy projects, has shown its determination to proceed with a mega offshore wind power project in central Vietnam by opening a representative office there.
Energy - Thu, October 31, 2024 | 2:43 pm GMT+7
Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam
Saudi Arabian private energy giant ACWA Power stands ready to invest up to $5 billion in Vietnam, a senior executive said Wednesday.
Industries - Thu, October 31, 2024 | 2:39 pm GMT+7
Effective M&A deal depends on thorough understanding, value addition potential: Kido exec
An effective M&A transaction depends on fully understanding the company being acquired in order to create added value, says Kido Group CEO Tran Le Nguyen.
Companies - Thu, October 31, 2024 | 1:22 pm GMT+7
No budget apartments in Vietnam, chronic supply-demand gap widens
Vietnam saw no supply or transaction of low-cost apartments priced below VND25 million ($988) per square meter in the third quarter, says a real estate report by the Ministry of Construction.
Real Estate - Thu, October 31, 2024 | 1:10 pm GMT+7
Vietnam steel major SMC remains bogged down with difficulties
Steel manufacturer SMC Trading Investment JSC has been actively selling assets to generate cash for debt repayment and maintain operations since the beginning of this year.
Companies - Thu, October 31, 2024 | 10:41 am GMT+7