Nordic energy startup Tibber aims to reduce residential electricity consumption for European households by 20%; raises €55M

Several tech startups are involved in transforming the energy market in Europe. They are doing so by coming up with innovative solutions addressing the demands for more sustainable energy consumption. One such startup is Stockholm-based Tibber, which claims to be the world’s first digital electricity supplier that makes energy consumption green, affordable and smart.

Secures €55M funding

In a recent development, Tibber has secured $65M (nearly €55M) in a Series B equity funding round. This investment round was led by Eight Roads Ventures and Balderton Capital along with existing investors such as San Francisco-based Founders Fund. Besides the equity round, the startup also secured working capital from Nordea to back its growth.

The investment will be used for further investment into Tibber’s technology, help expand into new markets – the Netherlands in 2021, and scaling its team. “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. We look forward to launching new products, and making energy at home even smarter,” says Tibber CEO Edgeir Vårdal Aksnes.

Smart, green, affordable energy!

Founded in 2016 by Norwegian Vårdal Aksnes and Daniel Lindén, Tibber launched its smart technology, which replaces traditional utilities. According to the company, it has witnessed purely organic, rapid growth to over 100,000 paying households in Sweden, Germany, and Norway, especially through customer referrals. Furthermore, the Tibber app provides real-time analytics into energy usage and pairs with a variety of smart home devices to minimise electricity consumption.

As per the company, it focuses on energy efficiency to minimise the environmental impact caused by the energy industry. Also, it supports sustainable energy development. The startup claims to be working on its goal to address the way energy is consumed. Tibber touts that it operates with the target to minimise the residential electricity consumption by European households by 20%.

The Tibber team consists of more than 60 members located across four offices in Berlin, Førde, Helsinki, and Stockholm.

Main image picture credits: Tibber