Tibber closes $65M funding to help more customers lower their energy bills and consumption

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.

For us, this means that we can continue our mission of making energy smarter at an even faster pace. Our app has quickly become popular, and it has contributed to smart and green energy at lower prices. We look forward to launching new products, and making energy at home even smarter.

Edgeir Vårdal Aksnes CEO, Tibber

Tibber founders, Daniel Lindén and Edgeir Vårdal Aksnes

I am proud of how our team has been able to bring Tibber to new markets and continuously introduce new features. Our idea is to empower consumers to one day become independent from the electric grid and slow-moving monopolies. This funding enables that vision to come to life even sooner.

Edgeir Vårdal Aksnes CEO, Tibber

Since launch, The company has seen rapid organic growth to more than 100,000 households in Norway, Sweden and Germany, driven largely by customer referrals. Today, nearly one in five Norwegian households who switch energy suppliers, choose Tibber.

Managing residential energy will only become more important with the growth in electric vehicles, which Tibber has also built an elegant solution for, and we hope the company can go on to replicate the huge success it has had in the Nordics across Europe and beyond.

James Wise Partner, Balderton

While there is a lot of focus on the transition away from fossils to renewables, Tibber believes it is equally important to also focus on energy efficiency to reduce the environmental impact from the energy sector.To support sustainable energy development, Tibber has set an ambitious goal of addressing the way energy is being consumed. The company has set a target to reduce residential electricity consumption for European households by 20 %.

Tibber is aiming to reduce residential electricity consumption for European households by 20%

Changing our behaviour, and in particular, the way we consume energy at home is one of the biggest challenges we face in combating climate change. Tibber brings greater transparency to home energy usage, while giving users a simple way to switch to renewable energy providers and control their home devices. It’s like a Fitbit for your home, but one which can put it on a healthy energy diet too.

James Wise Partner, Balderton

Read more about the fundraise in TechCrunch or Sifted.

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