SmartSolar bags $1.85 million in seed funding

SmartSolar bags $1.85 million in seed funding

SmartSolar, a Vietnam-based rooftop solar solution provider, has wrapped up a $1.85 million investment in its seed funding round, co-led by Picus Capital and 2degrees, with participation from Iterative.

Since its inception, SmartSolar has deployed nearly 1MW of rooftop solar projects across dozens of small- and medium-sized enterprises (SMEs) in Vietnam. With this funding, the company plans to accelerate its growth here and expand its footprint across Southeast Asia. The company’s long-term vision extends beyond installations, with ambitions to develop a comprehensive EnergyTech platform that empowers SMEs to transition seamlessly to renewable energy.

As Southeast Asia grapples with the dual challenges of rising energy demand and climate change, SmartSolar’s innovative financing model and execution speed could position it as a key player in decarbonising the region’s grid–one rooftop at a time.

Specifically, SmartSolar installs solar systems on commercial rooftops at zero upfront cost, allowing businesses to transition to clean energy without financial barriers. The company’s innovative approach also tackles another major hurdle: limited access to financing.

Abhijay Thacker, senior vice president at Picus Capital, highlighted the critical role of energy in economic development and SmartSolar’s potential to transform the sector, saying, "Electricity is one of the basic building blocks of any economy, with development directly linked to energy intensity. We are very excited about SmartSolar’s approach to supplying Southeast Asia with clean and inexpensive power."

"We strongly believe in the significant value they can generate for customers, the environment, and the region at large–starting with rooftop solar and soon expanding across the EnergyTech stack," added Thacker.

In the same vein, Soren Wiberg Holm, Venture Lead at 2degrees, underscored SmartSolar’s potential to solve one of the biggest barriers to solar adoption for SMEs–access to upfront capital.

"We see the market for solar in Vietnam at an inflection point, with surging local demand, favourable natural conditions, and strong policy tailwinds. SmartSolar is poised to build the financing infrastructure that will power the transition to clean energy across the region," said Holm.

VIR