Smart energy startup Tibber raises $65 million led by Eight Roads Venture Europe
Tibber, a ‘digital electricity’ supplier which uses AI to switch around power for houses based on their predicted levels of consumption – has closed a $65 million Series B round led by Eight Roads Ventures alongside Balderton Capital, with participation from existing investors including San Francisco-based Founders Fund, which invested last year. Alongside equity, Tibber secured working capital funding by Nordea to support the high pace of growth.
The funding will support further investments into Tibber’s pioneering technology, scaling up the team, and expanding into new markets, the next one being the Netherlands in 2021.
Tibber CEO Edgeir Vårdal Aksnes said in a statement: “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. Our idea is to empower consumers to one day become independent from the electric grid and slow-moving monopolies.”
Since Tibber launched in 2016, it has seen organic growth to 100,000 paying households in Norway, Sweden and Germany. The company was founded in 2016 by Norwegian Edgeir Vårdal Aksnes and Swedish Daniel Lindén who were frustrated by the poor customer experience provided by traditional energy companies.
Alston Zecha from Eight Roads Ventures said: “Our team has been following the energy industry for years, and immediately recognized that Tibber is a game-changer. With market-leading technological capabilities, an innovative business model, and extremely positive customer reviews, Tibber delivers green energy at the fairest price.”