Tibber in a €90 million series C capital funding backed by Summa Equity.

Tibber, a Stockholm, Sweden and Oslo, Norway-based company providing a smart energy services via a mobile application, announced completing a €90 million ($99M) series C capital funding round.

The money was raised from investors led by the private equity fund from Sweden Summa Equity, joined by existing shareholders Balderton, Eight Roads and Schibsted Ventures.

Tibber, founded in in 2015 by Daniel Lindén and CEO Edgeir Aksnes, aims to replace traditional utilities with smart technology, via an energy consumer service for house owners that works as an intelligent assistant that can buy, control and save energy.

The app automatically switches power producer and lets people control the power consumption for a fixed price, working for both electricity for homes and electric cars. 

In addition, its app provides real-time analytics into energy usage, and pairs with a variety of smart home devices to reduce electricity consumption at home. Tibber has about 400k customers from Sweden, Norway and Germany. It previously raised $65 million in 2020 and was involved in a secondary transaction with Norwegian media Group Schibsted which also invested $40.4 million in fresh capital in 2021.