Vietnam-based rooftop solar startup SmartSolar has closed a debt financing round, bringing its total funding to $3.15 million in combined equity and debt, as it expands financing solutions for small and medium-sized enterprises (SMEs)) facing rising electricity costs.
In a statement on Tuesday, SmartSolar said the latest round includes a $300,000 senior loan from the SECO Startup Fund, an initiative of Switzerland’s State Secretariat for Economic Affairs. The investment marks the fund’s first globally under its new management by iGravity and Seedstars. The loan can also help catalyze an additional $1 million debt facility from German travel company SKR Reisen.
The new debt brings SmartSolar’s total funding to date to $3.15 million, including a previously announced $1.85 million seed round backed by Picus Capital, 2degrees, and Iterative. The company said the latest funding underscores a shift from equity to debt financing as it scales.
The newly secured $1.3 million in debt can help the company fund additional installations and build a track record to attract larger financing from development institutions and private credit funds, according to SmartSolar.
According to founder and CEO Kevin Junker, while equity supported early development, access to institutional debt is key to expanding operations.
SmartSolar offers a zero-upfront-cost model, financing, installing, and maintaining rooftop solar systems for businesses. Clients can access solar power at rates 15–25 percent below grid prices through long-term contracts. Since launching in 2024, the company has deployed nearly 4 MWp of solar capacity across a range of customers, including factories, automotive workshops, and fitness centers.
The company plans to expand its presence in southern Vietnam while exploring opportunities in other regional markets, including Thailand, Cambodia, and the Philippines.