Tado°, a startup based in Munich, Germany, has raised €12 million to make home energy management more eco-friendly, affordable, and convenient through its smart thermostats.
The round was a follow-on funding, bringing the company’s total amount raised in 2023 to €55 million, with the latest investment round led by S2G Ventures.
Tado°’s energy-efficient smart thermostats and services can reduce heating costs by an average of 22%, and the company aims to eliminate energy wastage by heating only when and where necessary.
The devices are easy to install and compatible with over 95% of all European homes. The company has sold over 3 million smart thermostats and plans to reach profitability in 2023. In addition, tado° aims to expand its offerings by combining its smart thermostats with time-of-use energy tariffs to shift energy use to times of lower-priced energy, further reducing user costs.
Furthermore, the acquisition of aWATTar GmbH will enable the company to scale its bundled offerings and enable warm homes at the lowest possible cost and CO2 emissions. Tado° also plans to work with real estate companies to reach even more households.
“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. We’re pleased to welcome S2G Ventures on board who share the same vision for tado° and is dedicated to supporting our growth.”
Christian Deilmann, co-founder and chief product officer at tado°
“We’re excited by tado°’s impact toward helping homes across Europe reduce their energy consumption. tado° is now primed to become the market leader for home energy management and S2G looks forward to helping the company scale up to deliver its ambitions, and become a key part of the renewable energy transition of Europe.”
Stephen Feilhauer, managing director at S2G
