Paris-based consumer electronics maker Netatmo, which sells connected thermostats, weather stations and home security cameras, has secured €30 million in funding.
The bulk of the cash comes from Legrand, a French industrial group that is a global leader in products and systems for electrical installations and information networks, with previous investors such as Iris Capital (Orange + Publicis), Bpifrance and former Apple exec Pascal Cagni chipping in.
Netatmo was founded in 2011 and is looking to make a dent in the 'smart home' space. The money will be used to develop new products and expand into new markets, where it will undoubtedly compete against the likes of Tado (which just raised €15.2 milion) and France's own Withings and Qivivo.
Fred Potter, founder and CEO of Netatmo, says the company is poised for global growth: “Thanks to the quality of our products and our ability to conquer new markets, our turnover is constantly growing in our home market and internationally. These outstanding results prove the relevance to our approach and the excellent capability of our teams. We welcome Legrand as our new investor and are very proud to have our historical shareholders renew their confidence in our brand and products.”