Vietnam-based rooftop solar startup SmartSolar has secured $1.3 million in debt funding to scale financing for small and medium-sized businesses struggling with rising electricity costs.
SmartSolar secured a senior loan of $300,000 from the SECO Startup Fund, a development finance initiative of Switzerland’s State Secretariat for Economic Affairs (SECO). It also raised a $1 million debt facility from German travel firm SKR Reisen, as part of the latest round.
The loan marks SECO Start-up Fund’s first global investment under its new management by iGravity and Seedstars. The SECO Startup Fund loan aims to be a catalyst for more debt providers from private markets.
The fresh loan will help the startup build the track record required to raise larger structured facilities from development finance institutions and private credit funds.
“Equity helped us build the platform. Debt is what allows us to scale,” said founder and CEO Kevin Junker. “Having the SECO Start-up Fund as our first institutional lender is a strong signal that this model works commercially and from an impact perspective.”
“SmartSolar exemplifies the type of entrepreneur-led, impact-driven business that supports both climate action and economic development,” said Christian Brändli, Head of Private Sector Development at SECO. “This investment demonstrates Switzerland’s commitment to backing commercially viable solutions that address real market gaps in emerging economies.”
With the latest round, the startup has raised a total of $3.15 million in equity and debt funding to date. It raised $1.85-million in seed funding from Picus Capital, 2degrees, and Iterative last year.
Since launching in 2024, SmartSolar has deployed nearly 4 MWp of capacity across customers ranging from factories to automotive workshops and fitness centers.
Rooftop solar adoption in Southeast Asia still lags global benchmarks despite abundant sunlight. SmartSolar positions itself less as a traditional installer and more as a financing platform for SMEs.
The company plans to double down on southern Vietnam while exploring regional expansion into Thailand, Cambodia, and the Philippines.
According to Junker, on average, customers save around 20% on their electricity costs. In absolute terms, savings typically range from VND 5–10 million per month, while our largest customers can save up to VND 100 million monthly.
“We want to make solar accessible to everyone, not just large corporations in industrial parks. The backbone of Vietnam’s economy is small businesses and local shops. Historically, they have been excluded from large-scale energy investments. Our model is designed to change that,” he added.
The energy transition sector in Vietnam has seen significant investments in recent years.
Last year, the Emerging Africa & Asia Infrastructure Fund (EAAIF) invested $20 million in Vietnam-based CME Solar to support the company’s development plans.
Earlier, Vietnam-based solar energy company Stride raised a Series A equity investment backed by Clime Capital, Touchstone Partners, and new investor UOB Venture Management. The Series A followed a $3-million debt financing deal with Swedish solar investment platform Trine.
