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Wednesday, May 18, 2022

Norwegian smart energy provider Tibber raised 100 million dollars in the Series C

Førde-based startup Tibber has collected 100 million dollars in the Series C funding round led by Summa Equity Fund III, in participation with previous investors Balderton, Eight Roads, and Schibsted Ventures. With this new capital, they will strive to stimulate the demand for renewable and sustainable energy. Additionally, they will pursue new technologies in order to minimize energy consumption as much as possible by not being content with the technologies that are currently available.

Summa Equity, Europe’s largest impact fund, can make a huge contribution to their mission since they meet on the same ground. The firm has a purpose-driven team working on three different themes: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. The company is aiming for long-term sustainable outperformance. Yet, this triggers some of the social, environmental, and business challenges to work on.

With this collaboration, Tibber hopes for faster growth in business and approximately %20 reductions in the electricity consumption of 10 million European homes by 2025. With the help of the app, users can monitor their electricity consumption daily and act accordingly. This may save money and energy at the same time.

Series C funding: $100M worth of power to the people!

Using technology to enable a smarter way of using energy is at the core of Tibber’s business model. More and more consumers are joining their movement to make energy consumption more sustainable, and they couldn’t be happier. Or could they? Cause they don’t just have consumers throughout Europe on our side, we also have some new investors! They help the company bring even more power to the people so that they can solve the big energy challenges together.

An electric revolution

The company announces that Europe’s largest impact fund, Summa Equity Fund III, has now made an investment in Tibber, together with previous investors Balderton, Eight Roads, and Schibsted Ventures. The $100 million in new capital will help them to accelerate consumer demand for renewable energy and to develop new technology that reduces electricity consumption.

Summa Equity is a great addition to the team, and particularly exciting since they have a very clear joint focus on sustainability. Tibber’s goal is to reduce the electricity consumption of 10 million European homes by an average of 20% in 2025. In other words, they have quite a lot of work ahead, and they are thrilled to have their new investors joining the electric revolution!

Impact meets investment

The transition towards renewable and sustainable energy sources, as defined in the Sustainable Development Goals, is one of their most significant challenges. Tackling this, and other goals for a more sustainable future, is part of the Tibber Impact strategy. Their new friends at Summa Equity happen to invest in companies that are solving such global challenges and creating positive Environmental, Social, and Governance (ESG) impact. How lucky it is that they crossed paths!

The unusual business model: helping people to consume less!

With real-time analytics and smart technology, their customers get full control over their electricity consumption through an app. This helps them to reduce unnecessary usage and to optimize their consumption to the cheapest hours.

Tibber, Edgeir Vardal Aksnes“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 electricity consumption and make homes more independent from the national grid,” states co-founder and Tibber CEO Edgeir Vårdal Aksnes.

The more the merrier

We had a pretty wild year when it comes to customer growth, and can proudly say that we are now helping over 400.000 people to use energy smarter. And you know what? The more members we get, the greater impact we have on renewable energy demand and reducing electricity consumption.

People are actively looking for a smarter way to use electricity, in order to deliver what consumers want, when they need it, we are rapidly growing our team. Today we have a headcount of over 200 passionate colleagues, and by the end of 2022 we’re aiming to be 320+.

Click here to read more funding news. 

 

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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