Series C funding: $100M worth of power to the people! 

mag-summa-tibber

Using technology to enable a smarter way of using energy is at the core of Tibber’s business model. More and more consumers are joining our movement to make energy consumption more sustainable, and we couldn't be happier. Or could we? Cause we don't just have consumers throughout Europe on our side, we also have some new investors! They help us bring even more power to the people so that we can solve the big energy challenges together.  

An electric revolution

We are pretty darn stoked to announce that Europe’s largest impact fund, Summa Equity Fund III, has now made an investment in Tibber, together with previous investors Balderton, Eight Roads, and Schibsted Ventures. The $100 million in new capital will help us to accelerate consumer demand for renewable energy and to develop new technology that reduces electricity consumption. 

Summa Equity is a great addition to the team, and particularly exciting since we have a very clear joint focus on sustainability. Tibber’s goal is to reduce the electricity consumption of 10 million European homes by an average of 20% in 2025. In other words, we have quite a lot of work ahead,  and we are thrilled to have our new investors joining the electric revolution! 

Impact meets investment

The transition towards renewable and sustainable energy sources, as defined in the Sustainable Development Goals, is one of our most significant challenges. Tackling this, and other goals for a more sustainable future, is part of the Tibber Impact strategy. Our new friends at Summa Equity happen to invest in companies that are solving such global challenges and creating positive Environmental, Social, and Governance (ESG) impact. How lucky it is that we crossed paths!

The unusual business model: helping people to consume less!

With real-time analytics and smart technology, our customers get full control over their electricity consumption through an app. This helps them to reduce unnecessary usage and to optimize their consumption to the cheapest hours. 

– 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 to further reduce electricity consumption and make homes more independent from the national grid, states co-founder and Tibber CEO Edgeir Vårdal Aksnes.

The more the merrier 

We had a pretty wild year when it comes to customer growth, and can proudly say that we are now helping over 400.000 people to use energy smarter. And you know what? The more members we get, the greater impact we have on renewable energy demand and reducing electricity consumption.

People are actively looking for a smarter way to use electricity, in order to deliver what consumers want, when they need it, we are rapidly growing our team. Today we have a headcount of over 200 passionate colleagues, and by the end of 2022 we're aiming to be 320+.  Wanna join our wicked team? Check out available jobs at jobs.tibber.com 

Publicerades 3/10/2022
Sara Brolin
Storyteller
Fler artiklar