Vietnam-based solar energy startup Stride has raised $15 million in a Series B funding round, while early investor Touchstone Partners announced a partial exit from the company.
In a statement on Thursday, Stride said the round was co-led by Lightrock and TRIREC through the Accelerate7 platform. Existing investors Clime Capital and UOB Venture Management also participated in the financing round.
Stride will utilize the new funding to expand its platform in Vietnam and other markets, strengthen its digital and quality assurance systems, and increase access to rooftop solar and battery solutions. The company said it aims to help 200,000 more people access clean energy by 2030.
The company provides financing solutions for solar and battery systems for households and micro, small, and medium-sized enterprises (MSMEs), including payment plans and insurance offerings.
On Friday, Touchstone Partners, a venture capital firm with Stride in its portfolio, said its partial exit followed the successful close of the Series B round. In 2023, Touchstone and Clime Capital co-led Stride’s $2 million seed funding round.
According to Touchstone, the investment firm worked with Stride’s founding team on strategic advisory, operational support, fundraising strategy, and introductions to policy, corporate, and ecosystem partners. As a result, Touchstone said Stride has nearly tripled its project portfolio.
Tu Ngo, General Partner at Touchstone Partners, said the partial exit would allow the firm to pursue new climate-focused investment opportunities in Vietnam.
“Since we invested, the company has grown 7.25x in valuation,” Ngo said.