Vietnam-based electric two-wheeler maker Dat Bike closed its series A round fundraising led by Jungle Ventures, raising a total of US$10 million since the company was established in 2019, according to Tech Crunch.
Dat Bike’s series A reached US$5.3 million.
CEO and founder Son Nguyen said 80% of the families in Indonesia, Malaysia, Thailand, and Vietnam own at least one two-wheeler. Demand is so high that Dat Bike aims to be the bellwether in the Southeast Asia as a local scooter manufacturer.
The supply chain of scooters has been dominated by Chinese and Indian suppliers while Japanese carmakers control the market.
Dat Bike’s flagship model Weaver is the first locally-made e-scooter approved by Vietnam’s Ministry of Transportation. Priced at VDN39.9 million (US$1,740), Weaver can go from 0 to 50km/h within three seconds and get fully charged within three hours.
According to Tech Crunch, Nguyen said Dat Bike runs a vertical integration to source components and motor systems, instead of importing from third-party suppliers. That way, costs could go lower and they could control the quality of components.
Most of Dat Bike’s components are designed by the company itself and are manufactured by suppliers located in Vietnam.
Dat Bike also developed battery packaging and controller technologies. With the fresh funds, it will invest in developing motors and improving its mobile app.
Weaver was launched last year with 200km in range and 6kW power. The maximum power output of Weaver’s motors could reach three times higher than others with double range. It takes two and half hours to charge enough for 200km.