Electric motorbike startup raises another $8 mln
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Vietnamese electric motorbike startup Dat Bike has secured $8 million in a funding round, bringing the total since its establishment to $16.5 million.
The round was led by returning investor, Singapore-based Jungle Ventures, with participation from GSR Ventures, Innoven Capital, Wavemaker Partners, and Delivery Hero Ventures – the investment arm of Foodpanda’s parent firm.
The startup will use the new round of funding to invest in technology, scale production, product development and hiring talent, said Nguyen Ba Son, founder and CEO of Dat Bike.
Founded in 2019, Dat Bike says its revenue grew 10 times over the past 12 months.
The launch of its latest model, Weaver 200, has solved the problems of performance and range as it has a maximum capacity of 6,000W, covering 200 km with a 3-hour charge, Son said.
The startup has also launched Dat Charge – an ultra-fast charging station for its electric bikes, which allows charge for a 100km trip in 20 minutes and 150km in 30 minutes. This is the highest electric bike charging speed in the country at present, according to the company.
After four years of operations, Dat Bike has three stores in Ho Chi Minh City, Hanoi and Danang. It plans to enter other Tier 1 cities, including Quang Ninh, Hai Phong, Nha Trang, Binh Duong and Can Tho, soon.
Questions & Answers
Q.How much total funding has Dat Bike secured since its inception?
How much total funding has Dat Bike secured since its inception?
Dat Bike has raised a total of $16.5 million in funding since its establishment in 2019. This includes the latest $8 million funding round, which was led by Jungle Ventures.
Q.What are Dat Bike's plans for using the newly acquired funding?
What are Dat Bike's plans for using the newly acquired funding?
The startup plans to allocate the new funding towards investing in technology, scaling production, and product development. It also intends to use the capital for hiring new talent.
Q.What are the key features of Dat Bike's latest model, the Weaver 200?
What are the key features of Dat Bike's latest model, the Weaver 200?
The Weaver 200 features a maximum capacity of 6,000W and can cover 200 km on a single charge. Its battery can be fully charged in approximately three hours.
Q.What are Dat Bike's expansion plans within Vietnam?
What are Dat Bike's expansion plans within Vietnam?
Dat Bike currently operates three stores in major cities. It plans to expand its presence by entering other Tier 1 cities in Vietnam, including Quang Ninh, Hai Phong, Nha Trang, Binh Duong, and Can Tho.
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