DYU Secures $100 Million In Funding
Apr 26, 2024
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The infusion will provide for an increase in product development, more staff, marketing and supply chain improvements.
Chinese e-bike manufacturer Dyu Intelligent Mobility has raised CNY 100 million in a Series A funding round. The new funds are earmarked for new hires, product development, marketing and streamlining its supply chain.
Dyu Intelligent Mobility was founded in 2016, and is based in Shenzhen, China. In addition to designing and making e-bikes, the company has divisions devoted to sensor-based vehicles and personal mobility robots.
The company has grown rapidly since its launch in 2016. In its first year of production, 2017, it shipped 18,000 units, while in 2020, it shipped more than 150,000 units. Today, the company says, it ships 500,000 units worldwide, serving consumers in more than 60 countries, though its biggest markets are the U.S. and Europe.
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Shoppers who visit Sam’s Club and Costco may recognize the e-bike above from their visits to those retailers. While Dyu does sell its products on Amazon, the company reports that 90 percent of its revenue comes from “offline channels,” i.e., brick-and-mortar stores such as Costco.
It’s not made for kids per se, but the DYU D3f we tested a while back was a hit with many of the teens and tweens of the Electric Bike Report staff.
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FYI CNY != USD. They did not get $100m.