Tado raises 38 million euros

The Munich-based proptech was able to raise 38 million euros in a recent financing round. The Noventic Group is a new investor.

Proptech Tado has successfully completed a financing round: The Munich-based company was able to raise a total of 38 million euros. In addition to existing investors, the Noventic Group is a new investor. The aim is to combine the two main focuses of the companies: Tado's intelligent solution for controlling heating and air conditioning systems has so far mainly been used by private customers, while the Noventic Group has access to the housing industry: "The partnership with noventic will be the starting signal for new proptech solutions for the commercial housing market," says Toon Bouten, CEO of Tado.

Noventic is thus expanding its offering to include the control of heating and air conditioning systems. In future, Noventic customers will not only be able to track their own consumption, but also control it. "With this strategic investment, we are combining our expertise in recording consumption data with tado's control products," says Managing Director Stephan Bause of Noventic.

Tado was founded in 2011 and is based in Munich. 180 employees currently work for the proptech company.