Munich’s smart home climate startup Tado has raised €38 million from Hamburg-based proptech firm noventic and undisclosed existing investors. This investment marks a strategic partnership between the two companies, specifically aimed at developing and distributing energy-efficient products for the commercial housing market. The funding is also earmarked for further product developments and market expansion.
Tado manufacturers smart thermostats for heating and air conditioning systems, mobile consumer applications, and SaaS products for utility and heating service companies. As compliance with the European Green Deal grows, 81% of real estate companies report plans to adopt new digital technologies.