Schibsted Ventures participated in a round which pushed the smart energy provider's overall funding to over $170m as it eyes European expansion.

Sweden-based energy management software provider Tibber has secured $100m in series C funding from investors including Schibsted Ventures, the corporate venture capital subsidiary of media company Schibsted.

The round was led by private equity firm Summa Equity and also featured Eight Roads Ventures, a subsidiary of investment and financial services group Fidelity, as well as VC firm Balderton Capital.

Founded in 2016, Tibber offers renewable energy to customers at lower prices, in conjunction with a mobile app that monitors their energy usage in order to optimise consumption.

Tibber’s chief executive, Edgeir Aksnes Vardal, said: “Tibber’s mission is to empower consumers to use energy in a smarter way. Therefore, we never profit from the customer’s consumption – instead, customers buy renewable energy at wholesale price with nothing added except legal and mandatory fees.

“Consumers need better tools to effectively take control over their own energy consumption. 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 consumption and make homes more independent from the national grid.”

The company claims to have over 400,000 customers across Sweden, Norway and Germany, and has its eye trained on other countries around Europe, particularly the Netherlands.

Eight Roads Ventures previously co-led the company’s $65m series B round in late 2020 with Balderton, while Founders Fund also took part. Founders Fund had led its $12m series A the previous year, investing with energy utility BKK, Wellstreet, RFF Vest and Petter Stordalen.