Once ridiculed by ‘sharks’, electric car startup Dat Bike raised 5 million USD

Dat Bike, a Vietnamese electric motorcycle startup, has just announced a successful fundraising of 5.3 million USD. This is a Series A funding round led by Jungle Ventures fund with the participation of Wavemaker Partners.

With this capital call, the total mobilized capital of Dat Bike since the company was founded has reached 10 million USD.

Dat Bike intends to use this new investment in developing technology, expanding production scale and increasing penetration in major cities across the country, and recruiting more personnel.

Dat Bike is an electric motorcycle startup founded by 9X CEO Nguyen Ba Canh Son. In 2019, Son used to bring the idea of ​​an eco-friendly electric motorcycle to the program Shark Tank Vietnam.

At that time, Shark Binh said that electric motorbikes are currently a trend. However, “shark” Shark Tank then “dumped cold water” with Nguyen Ba Canh Son when asserting that “no one will buy my car”.

“What you’re doing in terms of business, in terms of market is a bit wrong, wrong timing, wrong product. I haven’t talked about pricing and everything. I suggest you do something else.” Shark Binh gave advice to Dat Bike at that time.

However, contrary to the predictions of “sharks”, Dat Bike is constantly evolving. Starting from a small-scale factory in Da Nang, Dat Bike now has a high-tech factory with a capacity of over 1,000 vehicles/month in Ho Chi Minh City.

Dat Bike’s personnel has now tripled since the launch of the Weaver 200. Orders have also tripled compared to the expected and set targets.

This startup has also successfully recruited Andrzej Bialasiewicz – a seasoned Marketing expert who used to work at Carlsberg.

In addition, it is also worth mentioning Ha Truong – a veteran designer of electric vehicles in Vietnam who currently holds the position of Design Director and Mr. Minh Pham – former Director of Product Strategy of Yamaha Vietnam who is currently Head of Design. Dat Bike’s product development division.

CEO Nguyen Ba Canh Son of this startup once said that Dat Bike’s ambition is to convert all gasoline motorbikes to electric motorbikes in Vietnam and Southeast Asia.

Currently, Dat Bike is focusing on the Vietnamese market. After that, Indonesia will be the next market that this Make in Vietnam startup targets in Southeast Asia within the next 2-3 years.

Trong Dat