Munich-based tado°, an intelligent home energy management startup, announced on Tuesday, April 4, that it has secured €12M in a funding round from S2G Ventures (S2G).
The announcement comes a couple of months after raising €43M led by Trill Impact Ventures, bringing the total funding to €55M.
The German company says it will use the funds to scale up alongside its recent years of strong growth. tado° aims to expand its offering of in-home energy management by combining its Smart Thermostats with Time-of-Use energy tariffs.
To this end, tado° acquired aWATTar GmbH, a technology company that provides power load shifting through Time-of-Use energy tariffs, in January this year.
The combined business now plans to drastically scale its bundled offering and enable warm homes at the lowest possible cost and CO2 emissions.
“2023 marks an important year for tado°, and now is the right time to scale a unique energy management offering that will double down on reducing home’s heating costs and CO2 emissions,” says Christian Deilmann, co-founder and chief product officer at tado°.
“We’re pleased to welcome S2G Ventures on board who share the same vision for tado° and are dedicated to supporting our growth,” adds Deilmann.
Intelligent home climate management
Founded in 2011 by Christian Deilmann, Johannes Schwarz, and Valentin Sawadski, tado° is an intelligent home climate management platform that builds smart thermostats and services compatible with over 95 per cent of all homes in Europe.
In 2022, the company doubled its smart thermostats and service sales, and reached a 3M figure.
The company’s Smart Thermostats and services can be connected to any heating or cooling system, curbing heating costs by 22 per cent on average.
The company says customers can benefit from energy-saving technology such as Geofencing, Open Window Detection, and time-of-use energy offerings.
Currently, the German company employs around 180 people.
The Investor
S2G Ventures, the direct investment team of Builders Vision, partners with entrepreneurs working on solutions to some of the global challenges across the food, agriculture, oceans, and clean energy markets.
The VC provides capital, mentorship, and value-added resources to companies pursuing innovative market-based solutions that generate positive social, environmental, and financial returns.
“We’re excited by tado°’s impact toward helping homes across Europe reduce their energy consumption. tado° is now primed to become the market leader for home energy management and S2G looks forward to helping the company scale up to deliver its ambitions, and become a key part of the renewable energy transition of Europe,” says Stephen Feilhauer, managing director at S2G.
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