Solar energy startup Stride raises $15 million in series B round

The funding round was jointly led by Lightrock and TRIREC through the Accelerate7 platform. Existing investors Clime Capital and UOB Venture Management also continued to support the company by investing in this round.

Stride will use the new funding to grow its platform in Vietnam and expand into other markets. The company also plans to improve its digital systems and quality control.

It aims to make rooftop solar and battery solutions available to more people and help an additional 200,000 people gain access to clean energy by 2030.

“Since we have invested, the company has grown 7.25x in valuation,” Tu Ngo, General Partner at Touchstone Partners, said in a statement. She framed the exit as validation of Touchstone’s thesis that locally built climate solutions can generate both commercial returns and emissions impact, a claim consistent with rising investor appetite for Southeast Asia climate plays.

A rooftop solar system usually costs around US$4,000, which is too expensive for many families to pay at one time. Large banks also often avoid giving small loans for solar systems, making financing a major challenge for people who want to switch to clean energy.

Stride solves this problem by allowing customers to pay for solar systems over time instead of paying the full amount upfront. This makes rooftop solar more affordable and easier to access for households.

The company’s business model also reflects a growing trend in climate finance. Instead of focusing only on large energy projects, companies are now helping households and small businesses adopt clean energy solutions.

Research from developing countries like Afghanistan shows that more than 92% of people are interested in using solar energy if consumer loans are available. This highlights the global importance of Stride’s financing approach.

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