French IoT startup Netatmo raises € 30 million to continue its strong growth

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Netatmo, a Paris-based startup developing consumer electronics for a better and connected lifestyle, announces today that it has successfully raised €30 million. This investment is led by Legrand, the global specialist in electrical and digital building infrastructures, and previous investors like Iris Capital. The Netatmo founders stay majority shareholders.

The investment builds on Netatmo’s rapid growth trajectory since it was founded in 2011. It will support Netatmo’s strong growth in developing innovations within the Smart Home industry.

Fred Potter, Founder and CEO of Netatmo, explains: “We welcome Legrand as our new investor and are very proud to have our historical shareholders renew their confidence in our brand and products. This new capital increase will allow us to accelerate our global growth and continue developing highly innovative devices for the Smart Home”.

The first device launched by Netatmo, the Weather Station for Smartphone, allows owners to measure indoor air quality, weather and more. In November 2013, Netatmo launched their second product for the European market, the Thermostat for Smartphone designed by Starck. At CES 2015, Netatmo unveiled Welcome, the smart home camera featuring revolutionary face recognition technology. The products are available in Europe, the US and Asia.