Stride, a solar energy startup based in Vietnam, has raised $15 million in a Series B funding round, and Touchstone Partners, an early investor, has announced a partial exit from the business.
Lightrock and TRIREC co-led the round via the Accelerate7 platform, according to a statement released by Stride on Thursday. UOB Venture Management and Clime Capital, two current investors, also took part in the funding round.
With the additional funding, Stride plans to strengthen its digital and quality assurance systems, broaden its platform in Vietnam and other markets, and improve access to rooftop solar and battery solutions. By 2030, the company hopes to provide clean energy to an additional 200,000 people.
For homes and micro, small, and medium-sized businesses (MSMEs), the company offers financing options for solar and battery systems, including insurance and payment plans.
Following the successful completion of the Series B round, Touchstone Partners, a venture capital firm that has Stride in its portfolio, announced its partial exit on Friday. Stride’s $2 million seed funding round in 2023 was co-led by Touchstone and Clime Capital.
Touchstone claims that the investment firm collaborated with Stride’s founding team on fundraising strategy, operational support, strategic advice, and introductions to corporate, ecosystem, and policy partners. According to Touchstone, Stride’s project portfolio has almost tripled as a result.
According to Touchstone Partners’ general partner Tu Ngo, the company will be able to pursue new climate-focused investment opportunities in Vietnam as a result of the partial exit.
“Since we invested, the company has grown 7.25x in valuation,” Ngo said.
