Vietnamese EV startup raises US$2.6 million in pre-Series A funding

The startup wishes to replace 250 million gasoline motorbikes with electric scooters in Southeast Asia.

Dat Bike, a Vietnamese electric motorbike startup, has raised US$2.6 million in a pre-Series A funding led by Singapore-headquartered Jungle Ventures, as part of its goal to drive the mass adoption of green transportation in Vietnam and other countries in Southeast Asia.

Dat Bike, EV, startup  Dat Bike wishes to replace 250 million gasoline motorbikes with electric scooters in SEA. Photo: Dat Bike

Other investors participating in this round were an early-stage venture capital firm Wavemaker Partners, California-based Hustle Fund and iSeed Ventures.

The fresh funds will bankroll the startup’s plans to scale up its team, research & development, and improve the quality of services in line with rising demand for its bikes of 35% monthly, co-founded by Son Nguyen told Hanoitimes.

“This investment into Dat Bike marks its first investment in the mobility industry,” Amit Anand, founding partner of Jungle Ventures, said and adding the US$25 billion two-wheeler industry in Southeast Asia is ripe for reaping benefits of new developments in electric vehicle (EV) and automation.

Established in 2018, the startup was co-founded by Son Nguyen, who left his engineering job in Silicon Valley to set up Dat Bike. 

After launching the first EV model in 2019, the startup reached sales growth of 4,000% in 2020. It also expanded the factory scale in the southern province of Binh Duong, with a production capacity of up to 1,000 units per month. Earlier, the startup received an investment of US$60,000 from the Vietnamese TV show Shark Tank program.

Its flagship bike Weaver, with a retail price of US$1,700, is certified by the Ministry of Transportation. The bike can accelerate from zero to 50km per hour in three seconds. It requires less than three hours to be fully charged.  

According to Son, there are three big motorcycle markets China, India and Southeast Asia in the world. While both China and India already have dominant local bike manufacturers, Southeast Asia is dominated by Japanese players.

"The startup strives to become the motorcycle company of Southeast Asia through developing the EV industry," Son said.

News Related


Preparations for supply chain setbacks as virus strikes India

The COVID-19 crisis in India is highlighting the importance of India in the global supply chain. Which products and industries are being affected right now? Vaibhav Saxena, vice chairman of the Indian Business… Read more »

Expanding fast food outlets place strain on obesity worry

Despite its fast-paced development, Lotteria Vietnam has been operating at a loss. In 2020, the chain’s net losses surpassed $8.97 million, reducing its book value from $24 million at the beginning of the… Read more »

Meagre profits for some lead to longer-term hopes

Meagre profits for some lead to longer-term hopes, illustration photo One of the world’s largest producers of basa fish, Vinh Hoan JSC, saw its sales rise in all its major markets in the… Read more »

Sunny FDI outlook amid supply strains

Sunny FDI outlook amid supply strains, illustration photo In late April, Nguyen Thanh Truc, Deputy Chairman of Binh Duong People’s Committee, met with Finnish Ambassador to Vietnam Kari Kahiluoto and a delegation of… Read more »

Open doors for pandemic-related pharma imports

The ministry (MoH) on May 6 issued Document No.3740/BYT-TB-CT on a list of biological products and medical equipment for in-vitro diagnostic tests for coronavirus that are to receive registration numbers and licences for… Read more »

Skyrocketing material prices place duress on contractors

Skyrocketing material prices places duress on contractors, Illustrative image. Photo: VNA The Vietnam Association of Construction Contractors (VACC) has sent a document to the Government Office calling for help to protect Vietnamese contractors… Read more »

Building an appropriate plan for the socioeconomic future

Tourism has been decimated since early 2020 and solutions are still required New outbreaks of infections across the nation are overshadowing Vietnam’s previous successes in the battle against COVID-19 and are now not… Read more »

Demand weakened, VN-Index dropped to near reference level

15:00 At the end of the session, the VN-Index fell 3.54 points (-0.28%) to 1,256.04 points. There were 261 gainers, 164 losers and 40 unchanged stocks. The HNX-Index fell 0.51 points (-0.18%) to… Read more »

US and EU buyers to choose Vietnam as sourcing destination in 2021

US and other global buyers continue to choose Vietnam as one of the leading sourcing countries this year as they are seeking to diversify their buying away from China.   Ha Tien city in… Read more »

SCG: first-quarter operating results reflect strong recovery from global downturn

Roongrote Rangsiyopash, president and CEO of SCG, at the press conference on announcing the company’s first-quarter business results The company’s operating results for this year’s first quarter with profit rising from high added-value… Read more »

Creating fair business via feasible assistance

European businesses started 2021 optimistic about Vietnam’s trade and investment environment. Photo: Le Toan Just after two weeks since he was elected to be prime minister, Pham Minh Chinh signed and enacted Official… Read more »

Startups attracting funds with M&A

Startups attracting funds with M&A In the first three months of 2021, there were 16 deals involving Vietnamese startups compared to 20 deals in 2020 and 30 deals in 2019. Although the number… Read more »

Enhancing the competitiveness of special Vietnamese brands

How have the perceptions of Vietnamese enterprises on the role of brands changed since doi moi? Van Nguyen spoke to Vu Ba Phu, director general of the Vietnam Trade Promotion Agency under the… Read more »

From humble start to world’s best rice

Ho Quang Cua, the engineer who created the variety Why did you wait until now to register for the ST25 rice trademark in other countries? The journey from creation of the ST25 rice… Read more »

Establishing more focused inspections in business sphere

Vietnam has made great efforts to simplify specialised inspection (SI) procedures in recent years. What are the top improvements you have seen? Greg Leon, director of the Economic Growth Office at USAID Vietnam… Read more »

More flexible quarantine rules desired by business community

Increased vigilance is neccessary to stave off the pandemic Last week, the Ministry of Health announced that Vietnam will extend its quarantine measures from 14 to 21 days for both foreign arrivals and… Read more »

Formidable rules vex foreign employers

Decree 152 has been criticised for its inflexibility with regards to working experience and suitable majors. Photo: Shutterstock According to Clause 3, Article 3 of Decree 152, a foreigner entering Vietnam for work… Read more »

VinSmart withdraws from smartphone and television market

According to data from GfK at the end of 2020, Vsmart had the third largest market share in the Vietnamese smartphone segment, following Samsung and Oppo VinSmart announced that it will no longer… Read more »

Toshiba Carrier’s world-first inverter air conditioners honoured as IEEE milestone

Toshiba Carrier’s world’s-first commercial air conditioner Toshiba Carrier is an air-conditioning joint venture in Japan between tech giant Toshiba Corporation and Carrier. Carrier is a part of Carrier Global Corporation, a leading global… Read more »

Infrastructure improvement helps Phan Thiet city boost tourism

Massive investments by local and international brands in high-end resort and entertainment complexes have brought a new appearance to Phan Thiet city in the southern province of Binh Thuan. Numerous branded hotel operators… Read more »

Edge computing a top priority by CTOs in Asia-Pacific

Morgan Duarte, director of Schneider Electric IT Vietnam in charge of APC by Schneider Electric 2021 is expected to be a year of recovery and acceleration for businesses after a long hiatus due… Read more »

Nhon Trach 2 Thermal Power Plant under dual pressures

Nhon Trach 2 Thermal Power Plant is reducing its annual targets due to mounting difficulties According to the first-quarter financial statement of Nhon Trach 2 Thermal Power Plant, its net revenue decreased by… Read more »

Foreign investors increase acquisitions of renewable energy projects in Vietnam

Foreign investors are increasing investments in renewable energy projects in Vietnam Chinese investors are increasing their ownership in numerous renewable energy projects in Central Vietnam, the Central Highlands region, and Southwest Vietnam. Notably,… Read more »

Nestlé Vietnam setting sights higher

Nestlé Vietnam recently won the National Gold Quality Award in its very first year of participation. What does this award represent in your evaluation? Binu Jacob, managing director of Nestlé Vietnam We are… Read more »

CGV Vietnam files lawsuit against land leasing consultant

CGV Vietnam and Lapen failed to reach a common voice District 1 People’s Court in Ho Chi Minh City has just admitted the dispute between the cinema giant (plaintiff) and Lapen Investment Advisory JSC… Read more »

VinFast to temporarily close Australian R&D division due to COVID-19

VinFast invest about $15-20 million to develop the test track and the emission laboratory in Australia According to Australia-based newswire CarAdvice, the Vietnamese car maker will soon close its design and technical office… Read more »

Tra Vinh calls for long-term investment in tourism and infrastructure

Tra Vinh, a coastal province in the Southeast of the Mekong Delta, is calling for further investment in a range of projects worth a total of over US$1 billion in the fields of… Read more »

Vietnam shining bright as appealing investment venue

Michele Wee, CEO of UK-backed Standard Chartered Vietnam Given the impact of COVID-19 and the vaccination plan, what is the outlook of foreign direct investment into Vietnam in the short and medium terms?… Read more »

Xiaomi posts outstanding business results in first quarter

All Xiaomi businesses and brands continued to prioritise ensuring safe operations in the first quarter due to COVID-19 to ensure the health of employees and consumers. According to market research firm GfK, in the… Read more »

Beltway 4 – new driving force for Hanoi development to be built

The signing between the Ministry of Transport, Hanoi, and other provinces The Ministry of Transport (MoT) signed an agreement with Hanoi and the provinces of Bac Ninh, Hung Yen and Bac Giang on… Read more »

IBM unveils world’s first 2nm chip technology for semiconductors

IBM’s new 2nm chips offer multiple benefits to the semiconductor industry IBM’s new 2nm chip technology helps advance the state-of-the-art in the semiconductor industry, addressing growing demand. It is projected to achieve 45… Read more »

Flourishing exports in textile and garment, leather and footwear industries

Exports of textile and garments, leather and footwear hit $15.9 billion in the first four months According to the latest report on trade and industrial manufacturing in the first four months by the… Read more »

The PAN Group reports 75 per cent rise in first-quarter profit despite COVID-19

Cashew nut processing at Lafooco, The PAN Group The PAN Group attributed the growth in consolidated net revenue mainly to shrimp exports (up 36 per cent), seed and agricultural products (up 11 per cent),… Read more »

Steel stocks broke out, VN-Index still fell nearly 14 points

11:30 Towards the end of the morning session, the transaction on the market was more negative when the selling pressure was pushed up to a high level and caused a series of large-cap… Read more »

Foreign investors were net sellers, Vietnamese market is still attractive

Foreign investors have net sold more than 11,000 billion in the first 3 months of 2021. Foreign investors were net sellers According to VNDirect, looking at the longer picture in the last 3… Read more »

Pyn’s profit was less than half of the increase in VN-Index

In April, the investment results of Pyn Elite Fund were lower than the general market level due to the lack of shares of Vingroup and Hoa Phat while the banking group showed signs… Read more »

Siemens ups outlook after tripling profit in Q2

Siemens ups outlook after tripling profit in Q2 (Source: Siemens, which makes products ranging from trains to factory equipment, said in a statement that it booked bottom-line net profit of 2.4 billion… Read more »

Japan Airlines logs $2.6 billion loss over pandemic

A Qantas plane takes off from the Sydney International airport on May 6, 2021, as Australia’s competition regulator said it would block a pricing, code-sharing and scheduling deal between Qantas and Japan Airlines… Read more »

Growth within reach for local groups with M&A nous

What is the current capacity for Vietnamese players in conducting mergers and acquisitions (M&A) and who are carrying it out correctly thus far? Samuel Son-Tung Vu, partner at law firm Bae, Kim &… Read more »

First unlisted Vietnamese enterprise issues green bonds on int’l market

BIM Land Real Estate, a member of BIM Corporation, has become Vietnam’s first unlisted firm completing the issuance of US$200-million green bonds without guarantee assets on the Singapore Exchange (SGX).  Singapore Exchange. Photo:… Read more »

The way forward in hospital self-rule

Le Minh Sang, health specialist at World Bank Vietnam Hospitals across the world have been transforming their traditional bureaucratic structures and moving toward autonomisation as a potential solution for improving performance and outcomes.… Read more »

Recovery of global aviation market hinges on cooperative success

By John Frangos – Partner, Tilleke & Gibbins The COVID-19 pandemic has caused the aviation industry to face arguably the most challenging time in its history. Airlines across the world, including in Southeast… Read more »

Developing groups on a global scale

Developing groups on a global scale, illustration photo The coronavirus pandemic left huge devastating impacts on the global economy in 2020, yet the growth prospects for 2021 remain uncertain, including that for top… Read more »

First North-South expressway sub-project awarded under PPP format

The North-South expressway sub-project section Nha Trang – Cam Lam has become the first awarded under the PPP format after the parliament approved the law last June.  The signing ceremony. Photo: Phan Trang… Read more »

Many good stocks are forgotten

The cash flow of F0 investors consecutively poured into the stock market helped many stock groups set new highs. However, the psychology of investment according to the “trend” makes many stocks of enterprises… Read more »

Cash flow started to pour more strongly into government bond channel

Through 16 government bond auctions held on HNX in April 2021, the State Treasury raised a total of 26,302 billion dong, up 215% from the previous month. Illustration. GOVERNING GOVERNMENT PROMOTION OF APRIL… Read more »

Local groups capitalise on M&A opportunities

Local groups capitalise on M&A opportunities. Source: At last week’s annual general meeting, Vietnam Dairy Products JSC’s (Vinamilk) chairwoman Mai Kieu Lien said the group will continue its mergers and acquisitions (M&A)… Read more »

Fusion Hotels & Resorts makes strategic acquisition to create leading regional platform

The strategic move will solidify Fusion Hotels & Resorts’ standing as a leading hotel brand and management company and position it well for future growth in the highly dynamic and fast-growing Southeast Asian… Read more »

Balancing act required for open wood industry

To foster a successful timber export industry, experts advise a strong cooperation between FIEs and domestic businesses. Photo: Le Toan Kuka Home, a fully Chinese-invested company has started construction of a wood-furniture processing… Read more »

Vietnamese buyers cross the ocean for M&A transactions

Vietnam’s overseas companies have been gaining momentum in moving international capital, investing across a broad spectrum of sectors ranging from natural resources and manufacturing to telecommunications and many others. Fresh data from the… Read more »