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.