The Business Times

Vietnamese electric motorbike startup raises US$2.6m in pre-Series A round

Published Tue, Apr 13, 2021 · 09:00 AM

VIETNAM-based electric bike company Dat Bike has raised US$2.6 million in a pre-Series A round led by Jungle Ventures as it attempts to drive adoption of green transportation within South-east Asia.

Other investors who participated in this round were Wavemaker Partners, Hustle Fund and iSeed Ventures.

The fresh funds will be allocated to research and development, improving customer-facing operations and scale the Dat Bike team.

Said Son Nguyen, founder and chief executive officer of Dat Bike: "There are three big motorcycle markets in the world: China, India, and South-east Asia. While both China and India already have dominant local bike manufacturers, South-east Asia has no local motorcycle brand and the market is dominated by Japanese players. We want to change that."

Commenting on the growing green transportation in the region, Amit Anand, founding partner of Jungle Ventures, said that the sector is "ripe for reaping benefits of new developments in electric vehicles and automation".

Mr Nguyen told The Business Times that for Dat Bike to serve the larger South-east Asian market, a focus on product and engineering innovations will be key. This will enable the development of a sustainable and economically viable supply chain in the region.

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"We should achieve (the innovations) in the next two to three years, which is when we will be able to start planning our expansion," he added.

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