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Highlights from Impact/Return

As part of Stockholm Impact Week, Summa Equity (“Summa”) co-hosted Impact/Return, together with the Norrsken Foundation. The event is all about how the world’s greatest challenges are also the world’s greatest opportunities for impact investors (something Summa can get behind!).

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Summa wants to thank everyone who participated in the event, raising their voice, and making a buzz around impact investing. And to Niklas Adalberth, Founder of the Norrsken Foundation and the Norrsken Foundation team for enabling us to collaborate on building an area for impact investors: inspiring and promoting investment in businesses geared toward solving the world’s biggest challenges and redefining them into opportunities. Continue this read to hear the highlights of the day!

The day included opportunities for networking, discussion, and inspiration. We heard from Niklas Adalberth, about his journey from founding Klarna to starting Norrsken as an ecosystem for entrepreneurs solving societal challenges. We also heard from Summa’s Founder and Managing Partner, Reynir Indahl, who kicked off the day with his story founding Summa as a new kind of private equity firm focused on investments in society’s greatest challenges. Later in the day we also had a chance to share Summa’s new Impact Map in a lively discussion with other impact leaders focused on how to move the industry from reactive ESG reporting to proactive impact strategies.

It’s hard to pick a highlight from the day, but two moments stuck out. Summa Partner Tim He had the chance to moderate a panel on pursuing impact in a market turndown with Nazo Moosa (Managing Partner, Energy Impact Partners), Alexander Mass (Managing Director, Goldman Sachs), and Fredrik Norell (Director, Blackrock Renewable Power Group). We were thrilled to hear that these leaders are still bullish on sustainable investing. Despite the market turndown, opportunities still exist, and we can use the circumstances to increase our focus and raise the bar for impact investing.

Participants also had the chance to hear from Pavan Sukhdev, Founder and CEO of GIST Impact. Sukhdev’s keynote made a compelling case for how today’s externalities represent the risks and losses of the future and inspired attendees to rethink how they capture environmental and social impacts. We were particularly excited to hear Sukhdev highlight the opportunity to better quantify and monetize impact data given Summa’s own efforts to integrate impact weighted accounting into our investment approach.

Again, thank you to everyone who participated and helped make the event a success. We can’t wait to see you again next year!

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  4. Europe’s largest impact fund, Summa Equity, opens a North America office

Europe's largest impact fund, Summa Equity, opens a North America office

Europe’s largest impact fund, the Nordic-born Summa Equity (“Summa”), is opening an office in Palo Alto this summer. The California office is Summa’s first outside of Europe, and follows just a few months after Summa announced a USD 2.4 billion impact fund

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Summa partners Tommi Unkuri, Gustavo Salem and Nick Roelofs will lead U.S. operations, and they will be joined by a number of Summa staff, including investment director Anna Ryrberg. The new office is Summa’s fourth; beyond the Stockholm and Oslo offices, Summa opened an office in Munich in 2022.

Commenting, Summa founder and managing partner Reynir Indahl, said:

“Summa has never been bound to its Nordic roots in the companies we work with. Our strategy is non-geographical, non-sector, and non-asset class specific. Opening a West Coast office is an extension of this approach: we are not just looking at American companies, but looking to attract and work with some of the world’s leading minds on how we can transform the world. Today’s interventions are the innovations of the past – Summa invests in global transformation.”

Summa partner and U.S. lead Tommi Unkuri added:

“The Summa approach is very unique. In leading the Changing Demographics theme at Summa, we are seeking transformative companies that will deliver positive outcomes for communities across the globe and enable people to prosper. Such businesses typically deliver sustainable growth and achieve continued long-term success, whilst creating value for the wider public.”

Summa will be prioritizing companies in healthcare, as exponential technological advancements and innovations are rapidly expanding what is possible. In turn, this is creating fundamentally new avenues for impacting health and improving patient outcomes. Summa will be investing in assets that develop innovative and transformative solutions that make healthcare more predictive, preventive, personalized, and participative.

Unkuri has been with Summa since its inception and leads the Changing Demographics theme at Summa, drawing on his experience as a seasoned healthcare investor. At Summa, Unkuri works with companies that have strong growth prospects and that are well positioned to bring value to society, notably those drawn from the healthcare space.

As a Thematic Partner, Salem is part of the Changing Demographics team, where his time at life science tools and diagnostics companies (including bringing new technologies to market) is put to use. Roelofs (ex-Baxter Healthcare, Applied Biosystems, Stratagene, Bio-Rad and Agilent) has 30+ years of experience in the life sciences and diagnostics industries, and he will play a leading role in his position as a Thematic Partner.

In January this year, Summa announced the closing of its third fund – a USD 2.4 billion impact fund, which is to be invested in companies which solve the biggest challenges the world is facing. Summa invests in line with the United Nations’ Sustainable Development Goals (“UN SDGs”) and the new fund has invested in, among others, Norway-based Tibber, a smart energy company that is active in several European markets.

To date, Summa has made 23 investments that advance the UN SDGs. Summa is committed to pushing the limits on quantifying positive impact through its collaboration with the Impact Weighted Accounts (IWA) project at Harvard Business School. Summa is a certified B Corporation.

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  4. Summa Equity publishes Portfolio Report 2021

Summa Equity publishes Portfolio Report 2021

We are excited to release Summa Equity’s (“Summa”) fifth annual Portfolio Report! Here, we wish to showcase Summa’s culture of constant improvement – we are continuously looking to enhance the way in which we analyze and communicate the link between financial performance and value creation impact.

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Throughout 2021, Summa continued to grow the team significantly while raising our third fund, an Article 9 fund under the SFDR, which reached about twice the size of our first two funds combined. In addition, we were proud to become a certified B Corp in October. Summa also completed several exits, IPOs, and new investments. These accomplishments are testament to the idea that focusing on the positive value that companies can create for society enhances their financial and operational performance.

Read about these key highlights and more in the full version online.

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  4. TBAuctions and Swedish Klaravik to join forces to meet demand in the European online auction space

TBAuctions and Swedish Klaravik to join forces to meet demand in the European online auction space

TBAuctions, a Summa Equity portfolio company and the parent company of multiple online auction platforms, including Troostwijk Auctions (B2B) and BVA Auctions (B2C), is joining forces with Klaravik AB, based in Karlstad, Sweden. This intended merger complements the European growth ambitions of both TBAuctions and Klaravik to become one of the leading online auction platforms in Europe. The declaration of intent was signed Friday, May 27th.

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A perfect match

Ten years ago, Klaravik developed a distinguished online auction platform built on a unique sourcing model and sales organization. Working intensively with regional sales agents / auction brokers, who have a unique position due to the great trust from end-users in their market, Klaravik makes it simple to bring goods to auction, thus bridging the gap between end-users. Klaravik is a leading online auction provider with a focus on voluntary machinery auctions in Sweden and Denmark, and for some time have been looking for a growth partner with an established presence in countries with a significant potential for its value proposition, namely the Nordics, Germany (DACH) and the Benelux. Christian Lenander, founder and CEO of Klaravik, says:

”We are thrilled about this endeavour, as expanding internationally is the natural next step for Klaravik. TBAuctions and Klaravik share the same ambition in becoming leading players in the online auction space. For us this is a perfect match”.

Sustainability as driving force

TBAuctions is actively driving sustainable consumption by finding new demand for second-hand and second-chance goods – this is at the heart of the global ESG agenda. Herberth Samsom, CEO of TBAuctions, says:

“In these unparalleled times, we are facing a scarcity of machinery and equipment availability due to supply chain disruptions. TBAuctions, with all its brands in many European countries, is the online platform that brings together supply and demand in Europe and beyond, in the most sustainable way”.

European roll-out of Klaravik

Headquartered in Karlstad, Sweden, Klaravik is one of the largest online auction houses for used machinery and process equipment. The Klaravik website gets more than 25 million visits per year, with about 70.000 lots auctioned annually. Christian Knutsson and Christian Leander (co-founders of Klaravik) strongly believe that the European online auction space has entered an accelerated growth phase as the best sales channel for second-hand and second-chance goods, and that TBAuctions is the logical partner for them to realize their ambitions. TBAuctions and Klaravik found each other in their respective ambitions to further grow the auction space in Europe and to roll out Klaravik’s model in many countries. This year TBAuctions, which recently closed the acquisition of PS Auction and Auksjonen.no, both players in the Nordics, will, together with Klaravik, achieve hammer sales of almost 1 billion euros.

Long term investment in sustainability

Funds managed by Castik Capital are the majority owners of TBAuctions, with Summa Equity as the minority shareholder. We both strongly believe that the European online auction space needs an innovator with growth potential, as scaling up accelerates the options for buyers and sellers in all markets, where the importance of a circular economy is seen as crucial.

About Klaravik

Klaravik online auctions is one of the leading players in Sweden and Denmark, focusing on used equipment and heavy machinery. Klaravik has been the inventors of the “Local Auction broker” concept, which is a key success factor for high penetration of the local markets. Through voluntary sales in used goods within construction, agriculture, forestry, transportation, and equipment, employing 190 persons and with 390 000 registered bidder accounts, Klaravik represents a truly circular business.
www.klaravik.se

About TBAuctions

TBAuctions is one of the leading online auction platforms and marketplace for second hand and second chance goods, operating through the brands: Troostwijk Auctions (headquartered in NL), BVA Auctions (NL), Vavato (BE), British Medical Auctions (UK), Auksjonen.no (NO) and PS Auctions (SE). TBAuctions auctions movable and immovable goods on behalf of third parties through ATLAS, its proprietary IT platform for intelligent auctioning. With over 2.7 million lots per year and over 10 million website visits per month, TBAuctions is one of the largest online auctioneers in Europe.
www.tbauctions.com.

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  4. Summa Equity Fund II to sell its shares in EcoOnline to APAX Partners LLP

Summa Equity Fund II to sell its shares in EcoOnline to APAX Partners LLP

June 2nd, 2022, Stockholm: A company owned by funds advised by Apax Partners LLP (“Apax”), has reached an agreement with EcoOnline Holding AS (“EcoOnline”), the European EHS SaaS company listed on Euronext Growth (OSE ticker: ECO), to launch a recommended cash tender offer (the “Offer”) for all the issued and outstanding shares of EcoOnline. Summa Equity Fund II (“Summa”), through a wholly owned subsidiary, has signed a pre-acceptance undertaking to sell its shares in EcoOnline.

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Completion of the Offer will be subject to fulfilment or waiver by the Apax of customary completion conditions, including but not limited to shareholders representing more than 90% of the shares having accepted the Offer, relevant regulatory approvals being obtained and no material adverse change having occurred.

Since Summa first invested in EcoOnline, the company has evolved from a Nordic-based SaaS company to also expand to the UK and Ireland. Furthermore, EcoOnline has completed nine successful add-on acquisitions and launched a new Health, Security, and Environment (HSE) platform with several value-adding products in the pipeline. In 2021, EcoOnline was listed on the Euronext Growth in Oslo to accelerate and support further growth.

Partner in Summa, Christian Melby, commented:

“Following EcoOnline’s extraordinary growth and development over the last five years have been exciting. We strongly believe in the company, as robust megatrends and new regulations will continue to propel it forward. We are excited to observe the company’s development in the future with a strong owner in APAX Partners.”

EcoOnline contributes to good health and well-being (SDG #3) by facilitating a safer workplace by controlling and handling chemicals and incidents. Handling chemicals correctly also reduces the negative environmental impact of hazardous emissions (SDG #12). By combining high-end technology (like AI and machine learning) with the flexibility that lies in user-experience design, EcoOnline delivers a user-friendly tool tailored to fit every need in the market. EcoOnline has over 7,100 customers across the Nordics, UK, and the US through a diversified range of industries.

About EcoOnline

EcoOnline is a European EHS SaaS market leader dedicated to developing software creating safer and sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a leader in the Nordics, UK, and Ireland with customers also in the US and many other countries. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.

www.ecoonline.com

About Summa Equity

Summa invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society.

Summa’s purpose is to co-create win-win for investors, portfolio companies, and society through aligning its vision and outcomes to the Sustainable Development Goals, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance.

Investments are focused on industries and companies that have tailwind from megatrends within three sustainability themes: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. Across these themes, Summa’s portfolio companies are supporting a world in transition and showing that business can be part of the solution. Summa Equity has c. EUR 4 billion (c. SEK 40 billion) assets under management.

summaequity.com

For interviews or more information, please contact:

Hannah Gunvor Jacobsen, COO and Head of IR at Summa Equity
+47 936 41 960 | hannah.jacobsen@summaequity.com

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  4. Summa Equity is a double winner at the Private Equity Awards 2022

Summa Equity is a double winner at the Private Equity Awards 2022

Summa Equity (“Summa”) won the award for Nordic Deal of the Year for Sortera as well as Continental Regional House of the Year.

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“Climate change may be the largest investment opportunity of the decade. We created Summa to solve our global challenges, and now, we are honored and proud to be recognized in these categories by the Private Equity Awards. We will continue to invest in innovative companies that reduce externalities and help manage the challenges we are facing while leading the way to a more prosperous future,” commented Reynir Indahl, Founder and Managing Partner at Summa Equity.

The 21st annual Private Equity Awards are the longest running and most prestigious Private Equity awards in Europe. This year’s ceremony took place on 28th April 2022 at JW Marriott Grosvenor House Hotel, in London.

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  4. Summa Equity Fund II awarded as Best Buyout Manager (fund size up to $2.5bn)

Summa Equity Fund II awarded as Best Buyout Manager (fund size up to $2.5bn)

Summa Equity Fund II (“Summa”) has been awarded as the Best Buyout Manager (fund size up to $2.5bn) by the Private Equity Wire European Awards 2022.

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“It is overwhelming to be recognized as a leading fund manager for a strategy that was attracting more skepticism than support only five years ago. Summa formed the investment thesis around being part of the solution to environmental, social, and governance challenges. We are humbled that this strategy is increasingly recognized as a concrete proof to mitigate risk and drive superior returns. We want to thank our LPs for taking the risk on our unproven strategy five years ago and our people who left their jobs to be part of solving our global challenges,” commented Reynir Indahl, Founder and Managing Partner at Summa Equity.

The Private Equity Wire European Awards recognize excellence among private equity fund managers and service providers in Europe across a wide range of categories. Read more here.

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  4. Summa Equity joins as a shareholder in online auction platform TBAuctions to accelerate growth

Summa Equity joins as a shareholder in online auction platform TBAuctions to accelerate growth

Summa Equity partners with European private equity firm Castik Capital as co-investors in the Dutch online auction platform TBAuctions to accelerate its ambitions of becoming the leading European online auction platform to increase the reuse of goods.

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Stockholm/Oslo/Munich: Summa Equity Fund III (“Summa”) joins as a shareholder in TBAuctions, a European digital auction platform for second-hand and second chance goods with presence across the Netherlands, Belgium, Germany, the UK, and the Nordics. The investment aligns with Summa’s focus on solving global challenges supporting the UN Sustainable Development Goals and fits within Summa’s Resource Efficiency’s subtheme Circularity & Waste and its Tech-Enabled Transformation theme.

As the transition to a circular economy is one of the most critical challenges to solve, TBAuction’s online auction platform directly addresses SDG #12 by enabling reuse and re-commerce of goods and extending the lifetime of goods. TBA offers end-to-end auction services from pre-sales to post-sales – allowing goods to be reused and extending their lifetime. The auction model contributes to circular consumption, meaning less energy is used, and fewer resources are depleted. Additionally, TBAuctions is supporting SDG #16 by contributing to reducing illicit financial flows, specifically targeting sub-targets #16.4 and #16.5. SDG #13 is indirectly contributed to as the above-mentioned effects positively impact the climate.

Simultaneously with the support from Summa and Castik Capital, the European ambitions of TBAuctions are further realized through intended acquisitions of the Swedish auction platform PS Auction and the Norwegian auction platform Auksjonen.no, and appraiser Bjarøy AS, both part of Bjarøy Gruppen. The signing was completed on March 17th, and the aim is to close the acquisitions by the end of April, subject to approval from the authorities and works councils. The growth ambition of TBAuctions, which will have a physical presence in ten European countries, is further strengthened with this acquisition. The brands Auksjonen and PS Auction will continue to operate with their own brand and online storefront under the multi-brand strategy.

Herberth Samsom, CEO of TBAuctions, said:

“The online auction market in Europe will show strong growth figures, and with our lead in technology we will play a prominent role in it. TBAuctions was recently acquired by funds managed by Castik Capital and is now further provided financially and strategically by shareholder Summa Equity. With these forces, we are accelerating our ambition to be the leading European online auction platform for second-hand and second chance goods.”

Michael Vollset, Investment Director at Summa Equity, commented:

“Summa is excited to partner with the TBAuction team together with Castik to accelerate the reused goods market through online auctions. We are impressed by the team’s journey and their purpose “nothing of value should be lost” – leveraging technology to provide a sustainable alternative to purchase new goods. TBAuction together with the Nordic companies Auksjonen, Bjarøy and PS Auction will grow and enable customers to buy and sell goods in an efficient, transparent and compliant way, at the same time extending lifetime of goods and reducing over-consumption of our natural resources.”

Arma Partners acted as exclusive financial advisor, Wikborg Rein as legal advisor, PWC as FDD and Tax advisor, BCG as commercial due diligence advisor, and Frank & Partners as ESG advisor to Summa Equity for the transaction.

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  4. Axion BioSystems Acquires Live-Cell Imaging Innovator CytoSMART Technologies

Axion BioSystems Acquires Live-Cell Imaging Innovator CytoSMART Technologies

Axion BioSystems, a leading life sciences tools company focused on advanced live-cell assay systems, announces the acquisition of the Netherlands-based CytoSMART Technologies—an innovator in kinetic live-cell imaging analysis. The collaboration positions Axion for significant expansion in the fields of stem cell research, immuno-oncology, cell-based therapies, and drug discovery.

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“Since Axion BioSystems’ inception, our focus has been on developing user-centric products that accelerate scientific discovery, with the specific goal of building innovative systems that monitor cellular activity without disturbing the underlying biology. The Maestro, our flagship bioelectronic assay (BEA) platform, has transformed neurological disease research over the past 14 years. Likewise, our most recent addition to the BEA portfolio is doing the same in groundbreaking fields like immunotherapy,” said Tom O’Brien, President & CEO of Axion BioSystems.

“In CytoSMART, we found a company with technology complementary to our own, as well as a partner with the same fundamental objective—to provide customers with high-quality instruments and powerful software that rapidly advance live-cell research and cell therapy development. We welcome the entire CytoSMART team, and we are excited to add their expertise to our own.”

Noninvasively studying the real-time biology of live cells allows scientists to obtain a more complete understanding of the complex processes underpinning health and disease. In their respective arenas, both Axion and CytoSMART have focused on the development of next-generation analysis tools for use in pharmaceutical, academic, and biotechnology research. Along with Axion’s recent acquisition of UK-based printed electronics manufacturer M-Solv Manufacturing Limited, this latest product portfolio expands the company’s offerings and opportunities in a rapidly growing life sciences tools market.

According to Joffry Maltha, CEO of CytoSMART, the mutually beneficial partnership is a natural fit. “Axion’s overall mission and corporate culture align with our efforts to provide scientists around the world with high-quality, easy-to-use products to advance their research goals. With Axion’s resources and experience, we look forward to accelerating our market growth and product innovation.”

About Axion BioSystems

Axion BioSystems is a leading life sciences tools company focused on innovative live-cell assays used to study the function of cells in vitro for drug discovery and disease modeling. The team at Axion BioSystems is dedicated to continuing the advancement of new technologies that accelerate research and further the understanding of biological complexity outside of the body. Axion BioSystems is headquartered in Atlanta, Georgia, USA, and has offices worldwide. Axion has more than 90 employees across its current locations.

www.axionbiosystems.com

About CytoSMART

CytoSMART Technologies is a specialist in the development and manufacturing of live-cell imaging systems for life science laboratories. The company was founded in 2012 by a team of biologists and engineers who were convinced that a new generation of miniaturized microscopes, powered by artificial intelligence for image analysis, would allow biologists to make discoveries more efficiently and at scale. In 2018, CytoSMART was selected by Microsoft for its prestigious ScaleUp program. CytoSMART’s microscopy solutions are used in research laboratories worldwide. CytoSMART Technologies is headquartered in Eindhoven, the Netherlands, and has more than 50 employees.

www.cytosmart.com

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  4. Summa Equity backs smart energy player Tibber in $100M Series C round

Summa Equity backs smart energy player Tibber in $100M Series C round

Summa Equity Fund III has invested in Tibber, a Norwegian smart energy provider with a clear sustainability-driven purpose, focused on empowering consumers to be more conscious and efficient about their electricity consumption.

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Stockholm/Oslo/Munich: Summa Equity Fund III (“Summa”) has invested in Tibber, a Norwegian energy provider that delivers smart energy and provides consumer-centric digital solutions to minimize their customers’ consumption and costs. The investment in Tibber aligns with Summa’s focus on solving global challenges supporting the UN Sustainable Development Goals and fits within Summa’s tech-enabled transformation and resource efficiency investment themes.

Since its inception in 2016, Tibber has been on a journey to assist consumers in lowering their energy bills and making more intelligent decisions around their electricity consumption. As of today, Tibber counts over 400,000 household customers in Norway, Sweden, and Germany and is looking to expand further within Europe.

As the transition towards clean and sustainable energy sources is one of the most significant challenges in the coming decades, Tibber’s service directly addresses SDGs #7, #12, and #13 to produce affordable and clean energy, enable responsible consumption and production, and combat climate change and its impacts.

As the energy transition from fossil and nuclear to renewables accelerates, Summa is supporting the company in its journey to becoming a leading smart energy player to smoothen the grid loads while offering clean and affordable energy to its customers.

Edgeir Aksnes Vardal, CEO of Tibber said:

“Tibber’s mission is to empower consumers to use energy in a smarter way. Therefore, we never profit from the customer’s consumption – instead, customers buy renewable energy at wholesale price with nothing added except legal and mandatory fees. Consumers need better tools to effectively take control over their own energy consumption. We have already pioneered smart analysis for households, smart charging for electric cars and smart heating for connected thermostats. With this funding, we are set to launch new products to further reduce consumption and make homes more independent from the national grid.”

Tim He, Partner at Summa Equity, commented:

“We are excited to partner with Edgeir, Daniel and the Tibber team to take part of their journey to help households transition to sustainable energy in a smart and efficient way. We are impressed by their vision to build the world’s largest virtual battery – consumers are increasingly sitting on large energy reservoirs in their EVs and connected home devices. By leveraging technology, Tibber’s customers save money and energy whilst helping to smoothen the energy transition to renewable sources.”

About Tibber

Tibber is the smart digital energy provider founded in 2016 by the Norwegian Edgeir Vårdal Aksnes and the Swedish Daniel Lindén.

The Tibber app replaces traditional utilities with a digital energy deal and technology for smarter consumption of energy. Tibber’s vision is to make sustainable energy consumption simple and affordable for all households, and their mission is to reduce the residential energy consumption for European households by 20 %.

This is made possible through their app that provides consumers with real-time analytics into energy usage, and that can be paired with a large variety of smart home devices to reduce energy consumption at home.

www.tibber.com

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