Local electric motorbike startup Dat Bike has announced it secured $8 million in a fundraising round led by the Singapore-based Jungle Ventures on November 24. GSR Ventures and Delivery Hero Ventures also participated, along with Wavemaker Partners and Innoven Capital.

This brings Dat Bike total fundraising to $16.5 million. It intends to use the new funds to build and improve technology and products, hire staff in sales, support, R&D, and product teams to manage growing volumes, and invest in capacity building at its factories.

“We are incredibly proud of the progress we have made so far, and we continue to strive to make electric vehicle performance on par or better than gasoline,” said Mr. Son Nguyen, Founder and CEO of Dat Bike. “With these new funds, we will be able to invest in building top-of-the-line manufacturing capabilities, scale up production efficiently, and continuously improve our products for customers in Vietnam and beyond.”

Going forward, Dat Bike will increase its factory capacity to meet rising demand, with plans announced to expand beyond Ho Chi Minh City, Hanoi, and Da Nang to other major cities and provinces such as Quang Ninh, Hai Phong, Nha Trang, Binh Duong, and Can Tho. It is now preparing to launch its latest model.

Ms. My Tran, Vice President of Jungle Ventures, that this its third investment in Dat Bike and it continues to be amazed by the team’s incredible execution. The startup’s growth is testament to the electric future Mr. Son is building. “We are confident that Dat Bike will lead the transformation to green transportation, not only in the region but also globally,” she said.

Similarly, Mr. Brendon Blacker, Managing Partner of Delivery Hero Ventures, said it is excited to support Mr. Son and the Dat Bike team on their mission to electrify the two-wheeler industry, which is estimated to be worth $25 billion in Southeast Asia.

Dat Bike has continually demonstrated industry-leading innovation that has enabled it to compete with gasoline motorbikes both in terms of price and performance. “The company’s mission resonates strongly with Delivery Hero’s ambitions to electrify its delivery fleet and create a more sustainable delivery industry,” Mr. Blacker said.