What do startups need to do to successfully raise capital?

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

With its successful Series B funding round, Dat Bike has raised a total of $47 million to date. Photo: PV

This success serves as further motivation and aspiration for Vietnamese startups in general, and those in Da Nang in particular, to become "unicorns" in connecting with and attracting investors.

The "sweet fruits" of a journey of perseverance.

With a Series B funding round of $22 million (for startups in the acceleration and market development phase), Datbike has raised a total of $47 million from major international investors and investment funds. This is a "sweet fruit" nurtured amidst the current "fundraising winter."

Mr. Nguyen Ba Canh Son, Founder of Dat Bike, shared that the fundraising process was not easy, requiring approximately 2.5 years of preparation and meetings with around 250-300 investors. The time from receiving the term sheet to completing the procedures and receiving the money took about 6 months, highlighting the complexity and lengthy nature of the 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 be involved.

Above all, a successful fundraising process doesn't just depend on the idea or product, but also heavily relies on the relationship and understanding between the startup and the investor. Initial meetings and discussions play a crucial role in building trust.

“Meeting directly with senior partners of the fund is crucial, as they have the power to finalize or reject the deal. If we only go through intermediaries, the chances of success are usually very low. In particular, finding a “Champion Deal”—someone who supports and defends the deal within the investment fund—will be key to unlocking the funding. We were fortunate to meet an investment partner from Jungle Ventures, who helped persuade other investors to participate in the Dat Bike deal,” Mr. Son shared.

Understand the investor, choose the right mentor.

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

Their primary focus is on the national market, followed by the industry and how startups implement their business model within that industry. Once they see clear potential for economic growth and a viable business model, they will invest to capitalize on the overall market development opportunities.

Another crucial element in the fundraising journey is finding a "Lead Investor"—an investor who will lead the deal. This person vouchs for the transaction, building trust and attracting other investors to participate.

Aaron Everhart, founder of HATCH! Ventures and advisor at Founder Institute, believes that Da Nang is at a point where its innovative spirit can be transformed into sustainable investment appeal. Investors are not only looking for effective local business models, but also want to see founders with big ambitions, determination, and perseverance, who dare to solve global problems from a Vietnamese platform.

This requires startups to correctly identify "market gaps" on an international scale, quickly test their ideas, and build momentum before raising capital. In the eyes of investors, two key factors are a clear and concise strategic vision and sustained, consistent execution capabilities.

The success story of DAT Bike is clear evidence: the unwavering belief of the founding team, combined with perseverance and a focus on a major global trend—the 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 belief of founders who dare to think big and act persistently. When this entrepreneurial belief combines with the city's infrastructure and policy support, Da Nang can absolutely rise to become a national model for innovation-based growth,” shared Aaron Everhart.

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