The archive · Consumer Apps · Product decision · 2019–2026
Dat Bike bets Vietnamese commuters switch to electric motorbikes; $22M Series B
Vietnam's Dat Bike, founded 2019 by ex-Silicon Valley engineer Nguyen Ba Canh Son, bets commuters swap petrol bikes for EVs; $22M Series B, ~$51M raised.
Dat Bike
What the business is
Dat Bike designs and manufactures high-performance electric motorbikes in Vietnam, building the battery, controller and vehicle with up to 90% domestically produced components and selling through its own stores and online.
Starting capital：US$22M Series B (Sept 2025) co-led by F.C.C. and Rebright Partners; total raised about US$51M by March 2026, including US$4M from Thien Viet Securities
How it started
Son founded Dat Bike in 2019 after returning from Silicon Valley, and appeared on a television investor show in September 2019 where he received constructive feedback but no backing. He kept building anyway: by late 2022 the company had raised US$2.6 million from Jungle Ventures with Wavemaker Partners, Hustle Fund and iSeed Ventures, and reported revenue growth of 4,000% with 35% monthly sales growth.
What happened
Dat Bike raised a US$4 million convertible loan from InfraCo Asia in August 2024 to support manufacturing 30,000 bikes over two years, launched three Quantum S-series models in late 2024, and restructured under a Singapore parent. In September 2025 it closed a US$22 million Series B co-led by Tokyo-listed automotive parts maker F.C.C. and Japan-Singapore VC Rebright Partners, with Jungle Ventures, Cathay Venture and AiViet Venture participating, bringing total funding to US$47 million. In March 2026 Vietnamese investment bank Thien Viet Securities added US$4 million, taking the total to about US$51 million.
How it ended up
Still running and scaling: with roughly 30,000 units of annual production capacity in 2025, new capital going into production capacity, supply chain, distribution and R&D, and regional expansion in preparation.
Background
Dat Bike is a Vietnamese electric motorbike maker founded in 2019 by Nguyen Ba Canh Son, a former Silicon Valley software engineer who taught himself motorbike engineering partly from online videos. The company builds its own battery, controller and drivetrain, with up to 90% of components produced domestically, and sells through its own stores and online channels.
The bet is that Vietnam's 77 million motorbikes — nearly three million new units sold a year, one of the world's largest two-wheeler markets — will migrate from petrol to electric, and that a Vietnamese brand with in-house engineering can win that switch. As of 2024, internal combustion bikes still made up about 86% of sales, which is both the headwind and the opportunity.
After a 2019 television pitch that drew criticism and no investment, Dat Bike raised US$2.6 million from Jungle Ventures and others by late 2022, a US$4 million convertible loan from InfraCo Asia in August 2024, and a US$22 million Series B in September 2025 co-led by Tokyo-listed F.C.C. and Rebright Partners, with Jungle Ventures, Cathay Venture and AiViet Venture participating. Thien Viet Securities added US$4 million in March 2026, bringing total funding to about US$51 million, and the company is scaling production and preparing regional expansion.
What has to be true
- Vietnam has more than 77 million motorbikes in circulation and nearly three million new units sold annually, so even a modest share of the electrification shift is a large market.
- ICE motorbikes still accounted for about 86% of 2024 sales, meaning the transition Dat Bike needs is still ahead of it rather than already captured by incumbents.
- Building the drivetrain and up to 90% of components domestically lets Dat Bike control performance, cost and supply chain — the factors petrol bike owners actually compare.
- Investors like parts maker F.C.C. and Thien Viet Securities brought manufacturing and capital-market support, not just cash, aligning with production expansion and regional ambitions.
What can be applied
Owning the core component in-house let Dat Bike control performance and cost; scale capital followed once the product beat gasoline bikes on the street.
Aftermath
As of September 2026 Dat Bike is operating and expanding: the 2025 Series B funds production capacity, nationwide online and offline distribution, R&D on next-generation models, and partnerships with ride-hailing platforms and financial service providers; the 2026 Thien Viet Securities investment supports supply chain, distribution and preparation for regional expansion, with Vietnam's government targeting at least 50% of urban vehicles running on electricity or green energy by 2030. No profitability figures or exit have been disclosed.
Sources
- Vietnamese e-motorbike startup Dat Bike raises $22mn in Series B round
- Thien Viet Securities invests $4mn in Vietnamese electric motorbike maker
- Dat Bike transitions to full foreign ownership, launches new models
- Vietnam's Dat Bike secures Series B funding
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