Tibber
Rationale
Tibber is a “paradigm shift” for the energy sector in many aspects. The company allows households to save energy and money with its app, which scans suppliers for the cheapest electricity prices at the best times of the day.
Alongside the app, the business also sells smart, energy-saving hard equipment. “We help consumers basically consume as little energy as possible,” says Daniel. The traditional lack of customer engagement with energy companies was also something that Tibber wanted to change.
Born out of frustration on how the old business models in the sector looked; where the companies earn money on electricity consumption Tibber wanted to change the relationship between electricity company and consumers.
Success factors
Upon Wellstreets investing, Tibber moved into the shared office. Tibber’s fast rise in part is attributed to the possibility of having fast access to advice so close at hand.
Early focus on organic referrals. Turn fans into advocates combined with a referral program which is tightly connected to the products themselves.
Founders & investors from day one had a joint long term vision, if hitting a bump in the road, we still know our long term focus.
Every early hire pushed the company forward. Building an early recruitment strategy was imperative.
Early mapping out generic and specific factors for each target market.
Result
Tibber changed the way the business model looks like in the industry they came into.
Tibber was one of Welltreet’s first investments, back in 2016, an investment made together with Norwegian tycoon Petter Stordalen. Tibber was at the idea stage and Wellstreet was part of shaping the company and its business model. In connection with the Founders Fund showing interest in Tibber, Wellstreet understood that the company had entered a new exciting phase in which they grew past Wellstreet’s ideal investment level. This led to an exit of the company in 2019, even though the investment company still believed in Tibber’s great potential. Thus, Wellstreet could concentrate on helping other companies achieve what Tibber was accomplishing while they could benefit from larger investors to support their scaling phase.
Tibber is now at the forefront of its industry, driving greentech innovation with backing from great investors such as aforementioned Founders Fund (Peter Thiel), Summa Equity and Schibsted. After exiting the company, the founders continued to contribute with one of the most valued aspects of Wellstreet’s investment – the knowledge that the portfolio builds through our network and programs.
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