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.

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 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.

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