Tibo Energy, a Dutch startup, has recently closed a €3 million seed funding round, signaling a strategic move towards team expansion and global outreach. The funding was led by SET Ventures, with participation from Speedinvest and members of the Tibo Energy founding team. The company specializes in facilitating the electrification process for commercial and industrial customers without the need for extensive grid expansion.
The global demand for smart energy management is steadily rising, driven by commercial and industrial (C&I) companies seeking alternative solutions to the limitations of national energy grids. Tibo Energy addresses this challenge by offering energy management software designed to simplify complex systems. Their software-only platform, powered by machine learning, empowers energy professionals to simulate intricate systems and allows installation technical companies to establish energy hubs. This, in turn, grants companies control over smart energy networks, facilitating a transition to local smart energy grids and a departure from fossil fuel reliance.
Tibo Energy’s CEO and co-founder, Remco Eikhout, expressed pride in achieving this funding milestone, emphasizing the substantial impact and commercial potential of their software. The funding will play a crucial role in expanding sales, marketing, and development teams to further enhance the product and fuel national and international growth.
SET Ventures Co-founder and Partner, Rene Savelsberg, highlighted the significant opportunity for Tibo Energy in the face of accelerating electrification trends. The company’s technology allows for the transformation of energy assets into local smart grids, enabling companies to electrify swiftly and optimize for both cost and CO2 impact.
The energy sector is experiencing growth, with energy storage capacity in Europe projected to increase by 400 GWh between 2024 and 2030. Tibo Energy’s solution simplifies the complexities associated with upgrading grid capacity, allowing companies to create digital versions of their networks, simulate scenarios, and visualize smarter grids.
Namratha Kothapalli, Principal at Speedinvest, commended Tibo Energy’s product demand since its soft launch in 2023, emphasizing the urgency in addressing grid congestion and promoting smarter grids. Kothapalli praised the team’s entrepreneurial spirit, energy, technical expertise, and unique market insights, positioning Tibo Energy as a key player in advancing towards a more resilient and sustainable energy future.
This funding round reflects Tibo Energy’s commitment to advancing energy solutions and will be instrumental in fortifying its position as a key player in the industry.
About SET Ventures:
SET Ventures, based in Amsterdam since 2007, invests in digital technology for a carbon-free energy system, supporting pioneering founders driving systemic change in energy generation, distribution, storage, and consumption.
About Speedinvest:
Speedinvest, a leading early-stage venture capital firm with over €1 billion AuM, is dedicated to funding Europe’s most innovative technology startups, providing ongoing support in growth, HR, and market expansion.
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By Proptechbuzz
By Ravi Kumar
