return icon

Once ridiculed by ‘sharks’, Dat Bike startup receives $5 million worth of capital

Dat Bike, a Make in Vietnam electric motorbike startup, has successfully called for $5 million in capital.

Dat Bike is a familiar name to investors. The startup once appeared on Shark Tank, a reality TV show and impressed audiences with its sporty design.

Dat Bike has announced the successful call of $5.3 million worth of capital from the Series A round led by Jungle Ventures with the participation of Wavemaker Partners.

With the capital call, the total capital Dat Bike has mobilized since its establishment has reached $10 million.

It plans to use the money to develop technology, expand production scale, and increase penetration in large cities throughout the country. It also plans to recruit more workers.

Dat Bike is a startup founded by Nguyen Ba Canh Son, a 9x CEO. In 2019, Son turned up at Shark Tank with the idea of developing environmentally-friendly electric motorbikes and called for investment in the project. But he failed to do this.

At that moment, Shark Binh, one of the investors of the TV show, commented that electric motorbikes were a growing trend. However, he ‘cast a damper on Son’s project’ when affirming that no one would buy the products.

“What you are doing is wrong in terms of business and market. Wrong moment, wrong products. I strongly recommend that you do some other things,” Shark Binh said.

However, contrary to Shark Binh’s prediction, Dat Bike has developed rapidly. Established with just a small-scale workshop in Da Nang, Dat Bike now has a hi-tech factory with a capacity of 1,000 products a month in HCM City.

Meanwhile, Dat Bike’s workforce  increased by threefold. The number of orders is three times higher than expected.

The startup has also successfully recruited Andrzej Bialasiewicz, an experienced marketing expert, who once worked for Carlsberg, and Ha Truong, a veteran electric vehicle designer, who is now design director, as well as Minh Pham, former product strategic director of Yamaha Vietnam, who is now head of the product development division.

Son said his startup has the ambition of shifting all petrol-run motorbikes in Vietnam and Southeast Asia into electric motorbikes.

Dat Bike is focusing on the Vietnamese market. Indonesia will be its next market in Southeast Asia in the next 2-3 years.

In related news, total investment capital poured into Vietnamese startups in 2021 reached $1.4 billion, which was 1.5 times higher than 2019, according to a report from NIC (Vietnam National Innovation Center) under the Ministry of Planning and Investment and Do Ventures.

Trong Dat


U.S. recommends adding birthplace info to Vietnam’s new passport

The U.S. is still reviewing Vietnam’s new passport and has asked visa applicants to submit their birthplace information.


Vietnam logs 1,815 new coronavirus cases on August 13


Vietnamese firm reaches first partnership deal to develop eSports in Cambodia

Power shortage worries increase hunger for coal

Vietnam is maximising its coal mining output amid widespread power outages in the north.

Indicators ripe for wave of tech startup successes

Venture capital investment flows into Vietnam, particularly from Singapore, are on track to surpass the previous level, propelled by the country’s buoyant tech startup scene.

Tourism industry faces serious labor shortage

Because of low pay, many workers have left the tourism sector.

Industrial parks, economic zones absorb US$ 230 billion in foreign direct investment

Industrial parks (IPs) and economic zones (EZs) across the country have attracted nearly 11,000 foreign direct investment projects worth US$230 billion, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Property, fishery sectors face hardship as credit chokes

At a government-to-business conference held yesterday, representatives of business associations expressed their concern over being unable to access bank loans as banks are running out of credit growth quotas.

Utilising every opportunity to grow and overcome challenges

That is the message and guideline of Minister of Planning and Investment Nguyen Chi Dung at the national conference on how to sustainably develop.

Outbound tours to Europe rocked by passport tangle

A number of Vietnamese outbound travel companies have already been affected by the decision of some European nations to not recognise Vietnam’s new passports.

Huynh Nguyen Mai Phuong becomes Miss World Vietnam 2022

Huynh Nguyen Mai Phuong was crowned Miss World Vietnam 2022 after surpassing 36 competitors at the finale held at MerryLand Quy Nhon in the south-central province of Binh Dinh on August 12.

Young people discover the universe via telescopes

Many young people have been spending time and money to buy telescopes and build rooftop observatories to admire the wonders of the universe.

Ample room remains for Vietnam’s exports to EU

There is still a lot of room for Vietnamese goods to expand their presence in the European Union (EU) market, but accessing its retail distribution systems is extremely important, heard a seminar in Ho Chi Minh City on August 11.

Vietnam yet rolls out Covid jabs for under-5s

Vietnam has yet planned to get younger kids aged under five vaccinated against COVID-19, according to the Ministry of Health (MoH).