tado°, the Munich-based leader in intelligent home climate management, attracts €43 million in additional funding from Amazon, E.ON, Total Energy Ventures, Energy Innovation Capital, Inven Capital, the European Investment Bank and others to bring total funding to €89 million. The fresh capital will be used to strengthen its position with best-in-class products and to extend its service offerings.
Around 30% of globally-consumed energy is used for the heating and cooling of buildings. Founded in 2011, tado° is fully dedicated to make an impact in this space. The global smart thermostat market is expected to reach a value of $6.8 billion by the end of 2022, at a projected annual growth (CAGR) of 54% until 2022.
“We are convinced that soon every building will be heated and cooled intelligently. Now is just the right time to raise capital and utilize it to position us as the number one in this fast-growing market,” said Toon Bouten, CEO of tado°.
How tado° works: tado° Smart Thermostats connect heating and air conditioning systems to the internet. The smartphone app detects when residents are leaving or approaching their home, or when windows are opened, to set temperatures efficiently. Additionally, weather forecasts and adapting algorithms further contribute to save up to 31% on heating costs, while improving comfort and wellbeing.
tado°’s goal is to increase our customer value even more by investing the fresh capital into new services to fully manage our users’ home climate. tado° products can be purchased from all European Apple stores, from over 30 utility companies, and many more leading retailers and partners.
A typical European or US family spends between $1,000 and 3,000 per year on heating and cooling their home. Maintaining a cozy home temperature is not only expensive but also requires a lot of work. Knowing which energy tariff to choose, buying the right heating system/AC, or arranging a repair or annual maintenance takes time. tado° will take care of all aspects of home climate management with new service offerings for its customers to make their lives easier, more comfortable, and more affordable.