SmartSolar, a Ho Chi Minh City-based energytech startup, has raised $1.85 million in a seed fund from Picus Capital, 2degrees, and Iterative, while HSBC has provided a social loan to 315 Medical (also known as Nhi Dong 315), a chain of paediatric and gynaecology clinics.
Vietnamese energytech startup SmartSolar raises $1.85m
SmartSolar, a Ho Chi Minh City-based energytech startup, has raised $1.85 million in seed funding from Picus Capital, 2degrees, and Iterative.
Founded by Kevin Junker, former consultant at McKinsey in Vietnam and Switzerland, SmartSolar seeks to comprehensively de-carbonise Southeast Asia’s power grid, starting with rooftop solar. SmartSolar is currently building the critical financing infrastructure to equip SMEs with solar energy.
The company claims it already has almost 1MWp of installed capacity across dozens of small- and mid-sized business
customers in Vietnam, and is rapidly expanding across the region.
“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, Picus Capital.
Picus Capital is an international, privately-financed venture capital firm with headquarters in Munich. Picus predominantly invests in pre-seed, seed and series A rounds and focuses on technology companies in financial services, human resources, energy & climate, healthcare, logistics & mobility, real estate & construction, crypto & web3, deeptech and e-commerce.
2degrees is a private investment company based in Copenhagen. The firm invests in companies at the earliest stages and principally within climate and technology.
HSBC provides social loan to GIC-backed 315 Medical
HSBC has provided a social loan to 315 Medical, a Vietnam-based chain of paediatric and obstetrics & gynaecology clinics.
The social loan is from HSBC Singapore’s $200 million New Economy Fund, which is designed to empower new economy business growth and innovation in Southeast Asia. This financial commitment supports businesses that demonstrate rapid growth, a clear profitability path, and strong backing from investors.
The social loan, in the form of a revolving credit facility, will support 315 Medical with its capital expenditure and working capital for the company’s clinics, supporting its goal of improving the accessibility of paediatric and obstetrics and gynaecology care in tier 2 cities, and provincial and remote areas of Vietnam.
In August 2024, 315 Medical and HSBC had signed an MoU to jointly explore opportunities to support the Vietnamese healthcare services provider’s growth.
Last month, DealStreetAsia was the first to report that Singapore sovereign wealth fund GIC injected an additional $135 million into 315 Medical. The investment brought GIC’s total capital invested in the clinic chain operator to $194 million.
This new capital infusion is understood to support 315 Medical’s plans to expand its healthcare ecosystem, enhance its clinic network, and develop a private hospital system specialising in paediatric and maternity care.
