What should a startup do to successfully raise capital?

In mid-September 2025, Dat Bike - an electric motorbike startup of young people in Da Nang, just completed its Series B funding round with a total investment of 22 million USD.

With the Series B fundraising achievement, the total capital Dat Bike has raised to date is 47 million USD. Photo: PV

This success is proof of further motivation and aspiration to become a "unicorn" for Vietnamese startups in general and Da Nang in particular in connecting and conquering investors.

The "sweet fruit" of a journey of perseverance

With the achievement of raising capital in the Series B round (for startups in the acceleration and market development phase) up to 22 million USD, Datbike has raised a total of 47 million USD from large international investors and investment funds. This is the "sweet fruit" nurtured in the context of the current "capital calling winter".

Mr. Nguyen Ba Canh Son, Founder of Dat Bike, shared that the fundraising process was not easy with preparations lasting about 2.5 years, meeting about 250 - 300 investors. The time from receiving the term sheet to completing the procedures and receiving the money took about 6 months, showing the complexity and length of this process.

According to Mr. Son, for early-stage startups, the founder plays a central role in the fundraising process. However, to have a consistent strategy and overall picture that makes a good impression on investors, the entire senior management team needs to participate.

Above all, the successful fundraising process does not only depend on the idea or product, but also depends greatly on the relationship and understanding between the startup and the investor. The initial meetings and exchanges play a key role in building trust.

“Meeting directly with the fund’s senior partners is a decisive factor, because they are the ones who have the right to close or reject the deal. If we only stop at the intermediate levels, the chance of success is often very low. In particular, finding a “Champion Deal” - someone who supports and protects the deal within the investment fund - will be the key to opening the door to capital raising. We were lucky to meet an investment cooperation expert from Jungle Ventures, who contributed to convincing other investors to join Dat Bike’s deal,” Mr. Son shared.

Understand investors, choose the right leader

Mr. Nguyen Van Chuong, Manager of the Swiss Entrepreneurship Program (Swiss EP) in Da Nang, said that venture capital funds (VCs) in Asia and Southeast Asia often pursue a practical approach, focusing on economic efficiency rather than the prospect of "changing the world" like in Silicon Valley (USA).

They are first interested in the national market, then the industry and how the startup will implement its model in that industry. Once they see the growth potential of the economy and a clear business model, they will invest capital to seize the opportunity from the overall growth of the market.

Another decisive factor in the fundraising journey is finding a “Lead Investor” - the investor who leads the deal. This is the person who guarantees the deal, helps create trust and attracts other investors to join.

Aaron Everhart, founder of HATCH! Ventures and advisor at Founder Institute, believes that Da Nang is at a point where the spirit of innovation can be transformed into sustainable investment attraction. Investors are not only looking for effective local business models, but also want to see founders with great aspirations, perseverance and persistence, daring to solve global problems from a Vietnamese foundation.

This requires startups to identify the right “market gap” on an international scale, test their ideas quickly, and gain momentum before raising capital. In the eyes of investors, the two key factors are a clear, concise strategic vision and a persistent, consistent execution capability.

The success story of DAT Bike is a clear testament: the founding team's unwavering belief, combined with perseverance and orientation towards the global megatrend of electrification of personal vehicles, helped them attract significant investment capital.

“The next wave of investment in Da Nang will not only come from venture capital funds but also from the confidence of founders who dare to think big and act persistently. When this entrepreneurial confidence is combined with the city’s infrastructure and policy support, Da Nang can absolutely rise to become a national model for innovation-based growth,” said Mr. Aaron Everhart.

Source: https://baodanang.vn/startup-can-lam-gi-de-goi-von-thanh-cong-3309581.html