Sweden-based energy management app developer Tibber has collected $12m in a series A round led by venture capital firm Founders Fund that included energy supplier BKK, TechCrunch reported on Tuesday.
VC firm Wellstreet, individual investor Petter Stordalen and Norwegian research fund RFF Vest also participated in the round.
Tibber has developed a mobile app that uses artificial intelligence technology to buy electricity from different energy producers, automatically switching to find the cheapest deal.
The app also informs users when the cheapest times of the day are to consumer energy. Tibber currently operates in Sweden and Norway, but the series A capital will support its expansion into Germany.
The company secured $2.4m in a November 2017 round that included BKK, VC firm Wellstreet and angel investor Petter Stordalen, according to Nordic9. The latter two had already contributed to a $800,000 funding round for Tibber the previous year.