Norway-based smart energy provider Tibber has raised $100 million in a Series C financing round led by Europe’s largest impact fund, Summa Equity. Offering consumers not only access to renewable energy supplies but a host of smart home devices to keep tabs on it, Tibber’s new funding is slated to significantly bolster the product offering lineup, with the ultimate goal of driving ‘smart’ up and fossil fuel dependences down. To date, Tibber has raised a total of $181.5 million in a mix of equity and debt funding.
As you might recall, in late January Certified B corporation Summa Equity came charging out of the gates with a massive €2.3 billion in hand, with the pledge of supporting startups that fall inline with the UN’s Sustainable Development Goals.
Well, it hasn’t taken the Stockholm-based firm to make good on this promise, as last week we broke the news that they’d acquired Belgium’s financial crime fighter Intix, and now, have led a $100 million investment round into Norwegian smart energy supplier Tibber.
“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,” commented former investment director at Kinnevik and now partner at Summa, Tim He.
Since launching in 2016, Tibber has gained significant traction in Norway, Sweden, and Germany, and is now eyeballing The Netherlands as its next market entry. With its real-time energy consumption analytics app, Tibber is helping consumers across Europe not only keep tabs on just how many watts they’re consuming but also provide them the power to make more informed decisions about future usage of this energy.
And they’re doing this in a way that eschews the revenue model of yesterday, profit generated based on customer consumption.
Perhaps better stated directly from Tibber themselves:
What if we just scrapped everything bad, unfair, and irritating from an industry that is obviously stuck in the past and instead transformed it into something suitable for the future, suitable for now? That's what we thought – and that's what we did. Welcome to an energy company that actually gives a crap. - About Us at Tibber
"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,” explains co-founder and CEO Edgeir Vårdal Aksnes.
As a testament to their offer Tibber has seen a strong uptick in consumer interest, noting subscriber numbers nearly quadrupling over the course of 2021 from approximately 120,000 to over 400,000.
Tibber’s $100 million Series C round was led by Summa Equity and saw participation from Balderton Captial, Eight Roads Ventures, and Schibsted Ventures.