The capital will be used to expand the product range and expansion to European households, with the aim of making them independent of fossil fuels.
The new round is led by Summa Equity. Among the existing owners are also Balderton and Eight Roads.
Reducing electricity consumption
With its revolutionary business model, Tibber makes money on reducing electricity consumption by offering customers renewable energy at purchase price along with smart technology that helps them control and reduce their energy consumption.
“Tibber has a clear sustainability purpose as well as successfully combining smart technology, a customized offering and high growth. The company is also tackling one of the most pressing global challenges – the transition to renewable energy, which we are not least noticing now. We are really looking forward to continuing to support the company in this important assignment,” says Dan Ouchterlony , EVP Schibsted Schibsted Financial Services & Ventures (pictured on the left).
“Since the start, we have helped consumers to lower their energy bills and make smarter decisions about their electricity consumption because they can control it themselves. With the new financing, we will be able to launch even more products to reduce consumption and make our customers independent of the national electricity networks,” says Tibber’s founder and CEO Edgeir Aksnes Vardal.
Tibber was founded in 2016 and today operates in Norway, Sweden and Germany. In 2021, the company increased from 120,000 users to over 400,000, showing its market position has been strengthened during the ongoing energy crisis. The company will soon launch in the Netherlands and plans for further markets.