Munich-based tado°, an intelligent home energy management startup, announced on Thursday that it has secured €43M in a round of funding led by Trill Impact Ventures.
Kiko Ventures, Bayern Kapital, Swisscanto, and other existing investors participated in the round.
The German startup says it will use the funds to expand its in-home energy management offering by combining its Smart Thermostats with Time-of-Use energy tariffs.
To make this happen, tado° acquired aWATTar, a provider of power load-shifting through Time-of-Use energy tariffs, a few days back.
Both businesses aim to scale their bundled offering and enable warm homes at the lowest possible cost and CO2 emissions.
Simultaneously, the German company has also started working with real estate companies to reach even more households.
Christian Deilmann, co-founder and Chief Product Officer at tado°, says, “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.”
tado°: What you need to know
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, tado° 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.
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
Trill Impact is an Impact House with around €1.2B in assets under management across its investment strategies and a team of more than 40 experienced professionals in the Nordics, Germany, and Luxembourg.
Dr. Alexander Domin, partner and co-head of Trill Impact Ventures, says, “We see tado° as an attractive venture case with strong market and impact timing.”
“By leveraging their leadership in smart thermostats to enter the rapidly growing smart energy tariff market, tado° is enabling significant household cost savings, access to renewable energy, and CO2 reductions at a crucial time,” adds Dr. Domin.
Kiko Ventures is a $450M venture investor that supports transformative climate tech and is the world’s first evergreen cleantech VC.
Dr. Arne Morteani, founding partner at Kiko Ventures, says, “tado° has pioneered the smart thermostat category in Europe. It is now perfectly positioned to break new ground again by changing how households use and pay for energy.”
