Lightspeed Venture Partners is in advanced talks to lead a $30 million funding round in SolarSquare, a rooftop solar startup, two people familiar with the matter told Mint.
The potential investment signals Lightspeed's deepening interest in climate-focused ventures as demand for clean energy accelerates.
"The round is expected to happen at a valuation of more than $130 million and close next month," one of the two persons cited earlier said, both of whom spoke on the condition of anonymity. SolarSquare will use the fresh funds to expand business, meet working capital requirements and for other corporate purposes. This is likely to be the company's largest primary capital infusion so far.
Lightspeed and SolarSquare did not immediately respond to Mint's requests for comment.
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