Tado raises 43 million euros

With its smart heating app, the start-up was able to convince investors Trill Impact Ventures and Bayern Kapital.

Munich-based start-up Tado has received 43 million euros in its latest round of financing. The round is led by Trill Impact Ventures. Bayern Kapital, Kiko Ventures and Swisscanto join as new investors. Noventic, Target Partners and other existing investors also participated in the round.

Christian Deilmann and Johannes Schwarz founded the startup in 2011. The founders have developed smart thermostats that allow customers to reduce their heating costs by an average of 22 percent, according to the company. The start-up has already sold over three million such thermostats.

Tado plans to use the new capital to expand its energy management offering. In the future, the thermostats will be combinable with time-variable energy tariffs. To reach even more households, the start-up plans to cooperate with housing associations in the future.

"We see Tado as an attractive venture case in a large market and with a high relevance in times of energy and climate crisis," said Alexander Domin, partner and co-head of ventures at Trill Impact. The thermostats would enable households to save costs and CO2.