The Series B round was jointly led by Balderton and Eight Roads Ventures, with participation from existing investors including Founders Fund.
Digital energy supplier, Tibber, was founded in 2016 by the Norwegian Edgeir Vårdal Aksnes and Swedish Daniel Lindén, who were frustrated by the poor customer experience provided by traditional energy companies and their insufficient commitment to sustainable business models and innovation.
Tibber was launched to replace traditional utilities with smart technology, supplying its customers with renewable energy at fair and transparent prices. In addition, its app provides real-time analytics into energy usage, and pairs with a variety of smart home devices to reduce electricity consumption at home. Innovative features, combined with an uncompromising business philosophy of not profiting from electricity consumption, have made the company a viral success in its active markets in Norway, Sweden, and Germany.
The new funding will help Tibber to capitalise on that success, supporting further investments into Tibber's pioneering tech, scaling up the team, and expanding into new markets, next one being the Netherlands in 2021.