Eight Roads Ventures and London-based VC firm Balderton Capital, with participation from existing investors including San Francisco-based Founders Fund, have led a Series B equity round into digital electricity supplier Tibber.
Tibber also secured working capital funding by Nordea alongside equity, in order to support its growth. With this, Tibber has closed a total of USD 65 million in new capital.
The capital will be used for scaling up the team, as well as expanding into new markets, including the Netherlands in 2021. “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,” said CEO Edgeir Vårdal Aksnes.
The company was founded in 2016 by Edgeir Vårdal Aksnes and Daniel Lindén, who were frustrated by traditional energy companies and their lack of commitment to innovation.
“I am proud of how our team has been able to bring Tibber to new markets and continuously introduce new features. Our idea is to empower consumers to one day become independent from the electric grid and slow-moving monopolies. This funding enables that vision to come to life even sooner,” continued Aksnes.
Since Tibber launched, it has seen organic growth to more than 100,000 households in Norway, Sweden and Germany, driven by customer referrals. Today, nearly one in five Norwegian households who switch energy suppliers choose Tibber.
“Tibber is at the forefront of the technologies that the world needs to create a sustainable future,” commented Alston Zecha from Eight Roads Ventures.
“Our team has been following the energy industry for years, and immediately recognised 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,” added Zecha.