Munich IoT tech startup Tado raises $23 million to roll out its smart home solutions across Europe

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.

	\[dealroom\_widget entity\_id="tado"\]
Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.