3 things to know about Stockholm-based startup Tibber that helps you reduce electricity bills and save money

3 things to know about Stockholm-based startup Tibber that helps you reduce electricity bills and save money

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In general, energy bills occupies a huge chunk, no matter what! Having said that, the rise in smartphone usage has changed the way people manage energy consumption though, thanks to the digital butler, a.k.a energy management apps.

These apps help us in leading an energy efficient lifestyle thereby saving money, enhancing the quality of life, and of course, protects the environment for future generation.

In a recent development, Tibber, an energy startup from Stockholm raised a $12 million (approx €10.5 million) funding in a Series A funding round led by Founders Fund.

The San Francisco based venture capital firm is known for their early investments in Spotify, Facebook, SpaceX, Palantir, Airbnb and Stripe. With this funding, the startup has so far collected around € 26.8 million.

How do Tibber works?

Based out of Stockholm, Tibber is on a mission to change the way we buy and consume electricity. In this regard, the company offers customers the ability to lower their energy bills using a simple app, where the purchasing of power is automatically done by its bots. Tibber has a highly unique technology where smart algorithms buy electricity for you automatically.

Use the hours with the lowest electricity price!

To be more specific, Tiber app will look out for the lowest electricity prices and alert the customers to consume energy during the cheapest hours of the day. This allows you to save up to 50% of the electricity cost. Right now, the company is planning to expand its operation to Germany.

Zack Hargreaves, Principal at Founders Fund said: “The tools we currently use to manage our utilities are completely outdated. Tibber combines wholesale electricity prices with IoT integrations to save users an average of 20 % on electricity bills. Consumers will see cost savings from simply downloading the app.”

Tibber powers around 40,000 homes!

At present, Tibber employs around 21 people with offices in Sweden and Norway. Founded by Daniel Lindén and Edgeir Aksnes, Tibber right now powers around 40,000 homes, where 25 per cent is smart homes. In this case, customers can control their power usages with Tibber-connected devices, such as electric car charging, connected thermostats and smart plugs

Edgeir Aksnes, CEO and founder says all their customer growth has come from word of mouth: “With this funding round complete, we are set to further expand in the Nordics, develop our product and launch Tibber in new markets in Europe.”

The company has also identified geographic areas for future expansion, including some of the US states, Finland, Denmark, Germany, the Netherlands, Belgium, the UK, Singapore, and more.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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