Tibber, a Stockholm-based GreenTech startup, announced that it has raised €90M ($100M) in a Series C round of funding led by the European impact fund, Summa Equity. Existing investors, including Balderton, Eight Roads, and Schibsted Ventures, also participated.
How will the funding be used?
The fund will enable Tibber to accelerate the product development and its expansion across Europe, particularly in the Netherlands.
Tibber CEO Edgeir Aksnes Vardal says, “Tibber’s mission is to empower consumers to use energy more smartly. Therefore we never profit from the customer’s consumption – instead, customers buy renewable energy at wholesale price with nothing added except legal and mandatory fees. Consumers need better tools to effectively take control over their energy consumption. We have already pioneered smart analysis for households, smart charging for electric cars and smart heating for connected thermostats. With this funding, we are set to launch new products to further reduce consumption and make homes more independent from the national grid.”
Lowering energy bills
Daniel Lindén and Edgeir Vårdal Aksnes, who worked within the energy industry for years, founded Tibber when they witnessed energy companies’ predominant interest: selling more energy to make more profit.
Tibber is on a mission to change the way we buy and consume electricity by offering customers the ability to lower their energy bills using a simple app.
The app provides customers real-time visibility into pricing, as well as, analytics and an overview of the electricity consumption at home that helps them to use energy more efficiently.
Further, the app can look out for the lowest electricity prices and alert the customers to consume energy during the cheapest hours of the day.
Tibber also offers numerous smart home devices like electric vehicle chargers, smart thermostats, and energy reading devices through its online store.
Making sustainable energy consumption affordable
Tibber aims to make sustainable energy consumption affordable for all households and reduce residential energy consumption by 20% across Europe. Last year, Tibber witnessed strong growth in customer subscriptions, from 120k to over 400k.
Since launching in 2016, Tibber has helped tens of thousands of new customers each month in Sweden, Norway & Germany to lower their energy bills and consumption.
Investor
Summa Equity invests in companies that have solutions to global challenges and that create positive Environmental, Social, and Governance (ESG) outcomes for society.
The VC focus on industries and companies within three sustainability megatrends: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation.
Tim He, Partner at Summa comments, “The transition towards renewable and sustainable energy sources is one of the most significant challenges in the coming decades. Tibber’s service directly addresses several of the UN SDGs, and they do so whilst delighting their customers. For example, to provide sustainable energy for all, to enable responsible consumption and production, and to combat climate change and its effects.”
