The €43 million Series H round is backed by new investors Trill Impact Ventures, Bayern Kapital, Kiko Ventures, and Swisscanto. Noventic, Target Partners, and other existing investors are also contributing again. Now, a belated addition is US investor S2G Ventures.
Stephan Feilhauer, Managing Director of S2G commented:
"We are excited about how Tado is helping households across Europe reduce their energy consumption. The company is now poised 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 been developing 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 smart thermostats and service offerings. According to the company, the Munich-based company has already sold over three million smart thermostats. In addition to its smart thermostat business, Tado has also been involved in the flexible electricity marketing business since the beginning of last year.
“2023 is an important year for Tado”
This year, Tado plans to expand its residential energy management offering by combining its smart thermostats with dynamic energy tariffs. These bundled offerings will allow a home's energy consumption to be shifted to times with lower energy prices. It also plans to work more closely with housing associations that manage large numbers of rental properties. For this market segment, Tado intends to the startup introduce a new, adapted 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 energy costs and CO2 emissions for households across Europe. We are thrilled to have S2G Ventures on board, who share the same vision and support our growth."
