Vietnamese electric motorbike start-up gets foreign funding

HO CHI MINH CITY, April 19 (Bernama): Dat Bike, a Vietnamese technology start-up that plans to make electric motorbikes, has raised US$2.6 million in a pre-series A funding from Singapore’s Jungle Ventures, Wavemaker Partners, Hustle Fund, and iSeed Ventures.

Electric motorbikes are usually weak and have a low range, delivering only half the performance of a petrol bike, reported Vietnam News Agency (VNA).

However, Dat Bike claims its Weaver can rival petrol bikes in power and range, its 5,000W motor helps accelerate from 0 to 50km/h in just three seconds, its charging time is the fastest in the country at just under three hours, and its brake mechanism is tailored to the traffic situation in Vietnam.

Dat Bike Founder and Chief Executive Officer, Song Nguyen said, "We want to transform the 250 million gasoline bikes in Southeast Asia into electric vehicles. We believe that if given a choice everyone would pick electric over gas. It is just that the current electric motorbikes in the market lag behind in power and range, making it difficult for people to make the switch.

"The fresh funds will allow us to continue to innovate and create the most compelling electric motorbikes for Southeast Asia and the world.”

On the same note, the founding partner of Jungle Ventures Amit Anand said, "This investment in Dat Bike marks our first investment in the mobility sector which is rapidly getting transformed by technology. The US$25 billion two-wheeler industry in Southeast Asia, in particular, is ripe for reaping the benefits of new developments in electric vehicles and automation.

"We believe Dat Bike will lead this charge and create a new benchmark not just in the region but potentially globally for what the next generation of two-wheeled electric vehicles will look and perform like.”

The Weaver can be bought on the company’s website and physical store in Ho Chi Minh City. It costs US$39.9 million. - Bernama

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