European smart home product maker Tado - sorry, 'tado°' - has secured $23 million in its quest to become the 'Nest of Europe'. The Munich, Germany-based startup, which competes for the latter title with the likes of Netatmo, Withings and Qivivo, has raised about $57 million in funding to date.
(Withings was just acquired by Nokia for €170 million)
Tado will use the fresh cash to expand its intelligent home climate control solutions internationally, and expand the range of its smart home solutions.
The funding round was led by INVEN CAPITAL, the investment arm of the ČEZ GROUP, a multinational energy conglomerate based in the Czech Republic, and self-reportedly establishes Tado as one of the world’s best-funded IoT startups.
No prizes for that, unfortunately, but the sizeable capital injection does give Tado more time to carve out a bigger share of a growing market.
Says Tado co-founder and CEO Christian Deilmann:
"Our products are perfectly matched for the world today. It is only a matter of time until all households have an intelligent heating control. We plan to use the new funding to expand our market leadership and develop further services for our users."
Tado was founded in 2011 and is also backed by Target Partners, Shortcut Ventures, Siemens Venture Capital, BayBG, Statkraft Ventures and HomeServe.