SmartSolar, a rooftop solar solution provider, has raised $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia.
The company offers rooftop solar solutions designed to help businesses cut down on electricity costs. Through its financing model, SmartSolar covers the cost of installing solar panels on a customer’s roof, allowing them to purchase the generated power at a lower price than their standard electricity rate.
“Electricity is one of the basic building blocks of any economy, with development directly linked with energy intensity. We are very excited about SmartSolar’s approach to supply Southeast Asia with clean and inexpensive power and strongly believe in the significant value they can generate for their customers, for the environment, and for the region at large – starting with rooftop solar installations and soon expanding across the EnergyTech stack to provide a comprehensive solution for SMEs,” said Abhijay Thacker, Senior Vice President at Picus Capital.
Since its launch, SmartSolar says it has deployed nearly 1MW of rooftop solar projects, primarily catering to small and mid-sized businesses in Vietnam.
“We consider the market for solar in Vietnam at an inflection point, with surging local demand, favorable natural conditions, and strong policy tailwinds,” said Soren Wiberg Holm, Venture Lead at 2degrees.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, Global VC and private equity funding in the solar sector in 2024 came to $4.5 billion in 60 deals, 36% lower than the $7 billion raised in 70 deals in 2023.
Last year, rooftop solar company SolarSquare raised $40 million in a Series B funding round led by Lightspeed, with participation from Lightrock and Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech.
