The Series H, previously valued at 43 million euros, is now backed by Trill Impact Ventures, Bayern Kapital, Kiko Ventures, and Swisscanto as new investors. Noventic, Target Partners and other existing investors are also providing funding again. Now, US investor S2G Ventures has joined as an additional investor, albeit belatedly.
Stephan Feilhauer, Managing Director of S2G, comments:
“We are excited by how Tado is helping households throughout Europe reduce their energy consumption. The company is now ready to become the market leader in household energy management. S2G looks forward to supporting Tado in achieving its goals and becoming an important part of Europe’s energy transition.”
Since its founding in 2011, Tado has developed smart thermostats and solutions designed to help its customers reduce their heating costs – by an average of 22 percent according to the company. In 2022, the company doubled its business with intelligent thermostats and service offerings. To date, the Munich-based company has sold over three million smart thermostats. In addition to its smart thermostat business, Tado has also been active in electricity flexibility marketing since the beginning of last year.
“2023 is an important year for Tado”
This year, Tado plans to expand its energy management offering for private households by combining its smart thermostats with dynamic energy tariffs. Such bundled offerings will then make it possible to shift a household’s energy consumption to times with cheaper energy prices. In addition, there will be closer cooperation with housing associations that manage a large number of rental properties. For this market segment, the startup plans to launch a new, customized product line later this year.
Christian Deilmann, co-founder and Chief Product Officer at Tado, comments:
“2023 is an important year for Tado. Now is the right time to bring our unique energy management offerings to the mass market to reduce the energy costs and CO2 emissions of households throughout Europe. We are very pleased to have S2G Ventures on our side, who share the same vision and support our growth.”
