Tibber raises a $100M Series C to revolutionise the energy industry

The round was led by Summa Equity, with existing investors including Balderton, Eight Roads and Schibsted Ventures.

Tibber is a smart energy provider that is revolutionising the energy industry with its innovative business model. Instead of profiting from their customers’ energy consumption, Tibber offers their customers renewable energy for the purchase price and smart technology that helps them control and lower their energy consumption.Balderton previously invested in Tibber in November 2020.As of today, Tibber is well established in Norway, Sweden and Germany and about to launch in The Netherlands, while seeking opportunities to expand further within Europe. Since its inception in 2016, Tibber has been on a journey to assist consumers in lowering their energy bills and making more intelligent decisions around their electricity consumption. By providing its customers with real-time analytics into energy usage and smart home devices, Tibber gives customers control over their energy usage. Additionally, Tibber also offers numerous smart home devices like electric vehicle chargers, smart thermostats and energy reading devices (e.g. Tibber Pulse) through its online store.

Tibber’s mission is to empower consumers to use energy in a smarter way. 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.

Edgeir Vårdal Aksnes co-founder and CEO, Tibber

Tibber founders, Daniel Lindén and Edgeir Vårdal Aksnes

Consumers need better tools to effectively take control over their own 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 in order to further reduce consumption and make homes more independent from the national grid.

Edgeir Vårdal Aksnes CEO, Tibber

Recently, Tibber announced a strong growth in customer subscriptions, going from 120.000 to over 400.000 during 2021, showing that even in the ongoing energy crisis Tibber’s market position has strengthened as people actively look for better options to take control over their energy consumption.

Tibber is breaking the mould of traditional energy companies by helping consumers reduce their home energy consumption, and charging no margin on the price of energy. As a result, almost half a million homes using Tibber have been able to make the switch to fully renewable energy, while also controlling their costs with their smart platform. There’s rarely been a time when helping people take control of their energy consumption has been more important, and as we move to more home generation and electric vehicles, have a smart platform like Tibber to balance and optimise our energy usage will only become more important.

James Wise Partner, Balderton

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