Tibo energy raises €3M seed round to optimise commercial and industrial energy use worldwide
- tibo energy has raised a 3M EUR seed round. The round is backed by SET Ventures, the leading energy VC in Europe, Speedinvest, one of Europe’s leading early-stage VCs, as well as by tibo energy’s founding team.
- The seed round enables tibo energy to expand its team and grow internationally.
- tibo’s energy management software allows commercial and industrial companies to expand operations without expanding their grid capacity.
- As commercial and industrial companies electrification accelerates, tibo energy is poised to make a major financial and environmental impact with its cutting-edge energy hub software.
EINDHOVEN | JAN. 11, 2024 – Dutch startup, tibo energy, is pleased to announce today that it has closed €3M million in seed funding to grow its team and focus on international expansion. SET Ventures led the round with participation from Speedinvest and members of the tibo energy founding team. tibo allows commercial and industrial customers to electrify more easily while avoiding costly grid expansion.
The demand for smart energy management is growing worldwide. Many commercial and industrial (C&I) companies are responding to the limitation of national energy grids by increasing their ability to generate electricity on-site via assets like solar panels, heat pumps, and batteries.
However, as the amount of these assets increases, the energy system becomes more difficult to manage, often becoming so complex that many companies hire energy consultants to help manage it. Though these consultants often have the same knowledge of the customer, they lack the applications to provide an efficient and cost-effective solution from a “system” perspective.
But tibo energy has built energy management software to solve these issues. With tibo’s solution, every energy professional can simulate complex systems, and every installation technical company can create an energy hub. tibo’s software-only platform, powered by machine learning, gives companies control of smart energy networks. Helping them transition to local smart energy grids and move away from fossil fuel-based sources. Allowing them to de-risk their energy supply and transform to a more sustainable operating model.
“We are proud to have achieved this funding as a team. The impact and commercial potential of our software is huge, and we’re glad to have a pair of world-renowned investors on board who understand that potential and will help us drive it forward. We’re greatly looking forward to the future,” says tibo energy co-founder and CEO, Remco Eikhout.
“The opportunity for tibo is huge,” says Rene Savelsberg, co-founder and Partner of SET Ventures. “We’ve seen the rate of electrification accelerate in recent years. Since 2019, 167 GW of distributed solar panels has been added to the energy mix, with the majority coming from installations at C&I customers like those tibo is targeting. Their ability to turn energy assets into a local smart grid will enable these companies to electrify quicker and optimise for price and CO2 impact. Their easily deployable cutting-edge technology is a real game-changer.”
The sector and its difficulties are indeed growing. Energy storage capacity in Europe is expected to increase by 400 GWh between 2024 and 2030 (source), enough to power approximately 4,200 factories for one year. At the same time, many industrial processes are becoming electrified, leading to a change in the energy demand of these companies. This forces them to go through the time-consuming and costly process of upgrading their grid
capacity. With tibo, complex modelling, simulation, and control becomes much simpler, allowing companies to create digital versions of their network to simulate scenarios and visualise a smarter grid. This means they can go electric and install renewable assets while avoiding costly grid expansion.
“Since the soft product launch in 2023, the strong demand for tibo’s product underscores the pressing need for tackling grid congestion and (em)powering smarter grids. We’ve been very impressed by Remco Eikhout and the team’s entrepreneurial, energy, and technical backgrounds. Coupled with their unique market insights, the company is positioned as a key player in advancing toward a more resilient and sustainable energy future,” says Namratha Kothapalli, Principal at Speedinvest.
This round of funding will be used by tibo energy to expand its sales, marketing, and development teams to enhance the product and drive national and international growth.
About SET Ventures
Since 2007, Amsterdam-based SET Ventures has invested in digital technology for a carbon-free energy system by backing pioneering founders with capital, community, and insights. SET Ventures invests in companies with sustainable solutions and a strong digital DNA leading the systemic change of how energy is generated, distributed, stored, and consumed in sectors such as distributed infrastructure, energy retail, buildings, mobility, and industry as well as enabling technologies. For further information please visit SET Ventures online.
Speedinvest is a leading early-stage venture capital firm with more than €1 billion AuM and 40+ investors based in Berlin, London, Munich, Paris, and Vienna. Our dedicated sector-focused teams are the first to fund Europe’s most innovative technology startups and our in-house operational experts are on hand to offer founders ongoing support with growth, HR, market expansion, and more. Wefox, Bitpanda, TIER Mobility, GoStudent, Wayflyer, Open, CoachHub, Schüttflix, TourRadar, Adverity, and TWAICE are among our portfolio of 300+ companies. For further information please visit Speedinvest online.