German smart thermostat maker Tado has clinches a top-up of 12 million Euros ($13.08 million) from U.S. investor S2G Ventures. This major deal has taken place two months after the company raised funds to expand into the energy-conscious European market.
The reason for the need to take active management of household heating, mainly through gas, became extreme important lately with the Russian invasion in Ukraine. Tado gathered data from hundreds of households and discovered that Europeans are paying attention to politicians’ calls to conserve energy.
This new funding brings the Munich-based company’s total fundraising to 55 million Euros ($59.93 million) since 2023. The company is expecting to reach profitability in that time period as well.
Christian Deilmann, Tado’s co-founder and chief product officer, said that “Now is the right time to scale a unique energy management offering that will double down on reducing (home) heating costs and CO2 emissions.”
Though there has been some concern in the business world due to Silicon Valley Bank’s collapse, UN’s Special Envoy on Climate Action and Finance Mark Carney has still said there is no real dip in the availability of cash for related businesses.
Tado is an energy-saving and energy-management company based in Munich, Germany. It specializes in creating smart thermostats that allow people to reduce their energy consumption by managing the heating and cooling systems in their homes. The company’s services are used in millions of households across Europe.
Christian Deilmann is the co-founder and chief product officer at German smart thermostat maker Tado. He has been involved in the smart thermostat industry since 2002 and has been the CEO of Tado since its founding in 2011. He holds a Bachelor of Arts in Business Administration from the University of St. Gallen in Switzerland and an Executive MBA from China Europe International Business School in Shanghai. Deilmann is passionate about developing energy-saving technologies that make people’s lives better while helping to reduce global carbon emissions.