Tibber raises an additional NOK 350 million in a secondary deal made with Schibsted

Tibber, a Stockholm, Sweden and Oslo, Norway-based company providing a smart energy services via a mobile application, announced getting into an agreement for adding Schibsted as shareholders in the company.

This was achieved through Tibber acquiring Schibsted’s Swedish company Kundkraft AB with a settlement in shares. As part of the deal, Schibsted will also now invest an additional NOK 350 million ($40.4M) in Tibber in a secondary deal that involves existing shareholders from Strawberry selling its stake in Tibber to Schibsted.

Prior to the sale of the Tibber stake to Schibsted, Strawberry had a shareholding of 11 percent in Tibber. The deal combined with the agreement of Tibber’s acquisition of Kundkraft, Schibsted will have a total stake of approximately 15% in Tibber.

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 100k customers from Sweden, Norway and Germany.