Munich’s tado° has added another €12 million to an already impressive €43 million funding round announced just two months ago. The additional capital is aimed at turning up the heat on scaling efforts as it sweats profitability in 2023.
The additional capital was provided by S2G Ventures and adds to the previous portion of the round that saw Trill Impact Ventures, Bayern Kapital, Kiko Ventures, and Swisscanto, backing the company. Previous investors include Noventic and Target Partners.
Founded in 2011 by Christian Deilmann, Johannes Schwarz, Leopold von Bismarck, and Valentin Sawadski, Tado is platform-agnostic and interfaces with any and all types of heating or cooling systems.
tado° manufactures 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.
To reach even more households, tado° has also started to work with said real estate companies that manage large numbers of rental homes, and according to the company, a new product line for this market segment will be launched this year.
“2023 marks an important year for tado°, and 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,” said Christian Deilmann, co-founder and chief product officer at tado°. “We’re pleased to welcome S2G Ventures on board who share the same vision for tado° and is dedicated to supporting our growth.”