Greentech startup Tibber raises over €90 million to make energy consumption smarter

Since launching in 2016, Tibber has been on a mission to help consumers lower their energy bills and make electricity consumption smarter. Today, they have just closed over €90 million in new capital.

The Series C round is led by the European impact fund, Summa Equity. This is the first big investment of its new sustainability fund. Existing investors Balderton, Eight Roads and Schibsted Ventures have also participated.

Tibber is a Nordic-based greentech startup revolutionizing the energy industry with its innovative business model. Tibber’s unique proposition lies in that, instead of profiting from their customers’ energy consumption, the company offers their customers renewable energy for the purchase price and smart technology that helps them control and lower their energy consumption.

We spoke to them recently to find out about different ways we can confront the energy crisis, and how the Tibber app is shaking things up in the industry. The Tibber app replaces traditional utilities with a digital energy deal and technology for smarter consumption of energy. Tibber’s vision is to make sustainable energy consumption simple and affordable for all households, and its aim is to reduce the residential energy consumption for European households by 20%. 

Tibber is already well established in Norway, Sweden and Germany, and is about to launch in the Netherlands, whilst also looking to expand further across Europe. 

By providing customers with real-time analytics into energy usage and smart home devices, Tibber gives customers control over their energy usage. Additionally, the startup 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 CEO Edgeir Aksnes Vardal explained: “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. 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.”

In 2021, Tibber enjoyed strong growth in customer subscriptions, going from 120k to over 400k during the year. It shows that in the midst of an increasingly-concerning energy crisis, Tobber’s market position is strong as people actively look for better options to take control over their energy consumption. 

Tim He, Partner at Summa commented: “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. For example, to provide sustainable energy for all, to enable responsible consumption and production, and to combat climate change and its effects.”