About ecobee
ecobee is a Toronto-based company, founded in 2007, that manufactures and sells Wi-Fi-enabled smart thermostats for residential and commercial customers. Its products use intelligent heating and cooling optimization to cut energy costs, with the company citing reductions of up to 23% in heating and cooling bills, and it launched what it describes as the world's first smart thermostat in 2009. ecobee has also expanded into home monitoring devices and smart light switches with Amazon Alexa integration.
Founded
2007
HQ
Website
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Product sales
Valuation
$770M (acquired Nov 2021)
ecobee Acquisition
ecobee was acquired by Generac for $770M on 1 November 2021.
Before the acquisition ecobee had raised $133M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 1 Nov 2021 | Strategic M&A | $770M |
ecobee Funding History
ecobee has raised a total of $133M across 3 funding rounds.
ecobee's first fundraising round was a $35M Series B in August 2016. The most recent completed round was a $37M Series C in May 2018.
ecobee funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2018 | Series C | Amazon (lead); La Caisse (lead); AGL Energy; BDC Capital; Business Development Bank of Canada | $37M | ecobee is a Toronto-based smart thermostat maker that launched the world's first smart thermostat in 2009, focusing on energy savings and sustainability for homeowners. The company has integrated Amazon Alexa functionality into products like the Ecobee thermostat 4 with far-field technology and smart light switches, positioning it as a key partner for Amazon amid competition with Google-owned Nest. ecobee claims to hold about a third of the smart thermostat market and has seen strong growth. In May/June 2018, ecobee raised approximately $36 million in a Series C round led by Amazon Alexa Fund and La Caisse (CDPQ), with participation from BDC Capital and Business Development Bank of Canada, among others. This followed a $62 million Series C tranche in March 2018 from investors including Northleaf Capital Partners, Relay Ventures, Thomvest Ventures, and Export Development Canada. The combined Series C brought total funding to around $146 million, used to expand operations and product integration with Alexa for smart home ecosystems. Traction includes millions of devices deployed, saving over 25 terawatt hours of energy cumulatively. ecobee competes with Nest and Honeywell in consumer electronics, IoT, and smart home hardware, leveraging partnerships like Amazon to counter Google's dominance. |
| Mar 2018 | Series C | Energy Impact Partners (lead); Export Development Canada; Relay Ventures; Amazon; Northleaf Capital Partners; The Ontario Capital Growth; Evergy Ventures; Tech Capital Partners; Thomvest Ventures | $62M | ecobee Inc., a smart home technology company focused on thermostats and energy efficiency devices, closed a $61 million USD ($80 million CAD) Series C funding round in 2018 led by Energy Impact Partners. Participating investors included Amazon Alexa Fund, Energy Impact Partners, Evergy Ventures, Export Development Canada, Northleaf Capital Partners, Relay Ventures, Tech Capital Partners, The Ontario Capital Growth Corporation, and Thomvest Ventures, matching the query details. The round was announced around July 3, 2018, aligning with the approximate date provided. Energy Impact Partners listed ecobee among its portfolio companies into which it had deployed capital by September 2018, alongside other energy tech firms like Advanced Microgrid Solutions, Arcadia Power, and AutoGrid. This investment was part of EIP's early activities following the close of its $681 million first fund, which included $531 million in equity and up to $150 million in debt capacity. ecobee's inclusion highlights its positioning in the clean energy and smart home sectors, contributing to EIP's focus on innovative energy technologies. No sources provide post-money valuation, revenue, ARR, EBITDA, or valuation multiples for ecobee at the time of this round. Energy Impact Partners' later reports and portfolio pages do not disclose these financial metrics for ecobee. The funding round details confirm the amount raised but lack implied or stated company valuation. |
| Aug 2016 | Series B | Relay Ventures; Amazon; Employee Stock Option Fund; Thomvest Ventures | $35M | ecobee, a Toronto-based company founded in 2007, manufactures and sells Wi-Fi-enabled smart thermostats for residential and commercial customers, focusing on energy savings through intelligent heating and cooling optimization. ecobee's products claim up to 23% reduction in heating and cooling costs, and by 2021, it served over two million connected homes, saving more than 20 TWh of energy across North America. The company expanded into home monitoring and ENERGY STAR-certified thermostats. The company raised $35 million in August 2016 from investors including the Amazon Alexa Fund, Thomvest Ventures, and Relay Ventures, as noted in coverage of CEO Stuart Lombard's comments on startup culture. ecobee had raised prior capital, with total funding reaching approximately $146 million by a later 2018 Series C of $61 million from Amazon’s Alexa Fund and Energy Impact Partners, and $155 million overall by 2020. In competitive context, ecobee operates in the smart thermostat market alongside players like Tado°, which had a $255 million valuation. Post-2016, ecobee launched customer data contribution programs for energy research in October 2016 and continued growth, culminating in the Generac acquisition announcement on November 1, 2021. |
Who has invested in ecobee?
14 investors have backed ecobee across its funding rounds, including Amazon, Relay Ventures, Thomvest Ventures, BDC Capital, Business Development Bank of Canada and Export Development Canada.
Lead investors include Amazon, La Caisse and Energy Impact Partners.
ecobee Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Aug 2016 | ||
| 2 | Participant | Aug 2016 | ||
| 2 | Participant | Aug 2016 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Lead | May 2018 | ||
| 1 | Participant | May 2018 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Participant | Aug 2016 | ||
| 1 | Participant | May 2018 | ||
| 1 | Lead | Mar 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free Trialecobee Competitors
ecobee competitors include listed companies like Yunding Technology and Mitac Digital Technology, and private ones like Lanmi, Smarter, Perfumeo and Petmate.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $716M | - | ||
| Publicly listed | $228M | $22M | $884M | - | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $450M | - | ||
| Private | - | - | $420M | - | ||
| Publicly listed | $261M | $14M | $148M | 0.2x |
ecobee Public Comps
ecobee is no longer listed, but its public comps include TTK Prestige, Queclink, Bear Electric Appliance, Sercomm, JS Global Lifestyle Co, Yunding Technology, Catapult, Helen Of Troy, Skyworth Group and Yuil Robotics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $308M | $28M | 2.3x | 2.1x | 24.9x | 21.4x | |||
| $133M | $12M | 4.8x | 4.2x | 51.7x | 29.5x | |||
| $780M | $102M | 0.6x | 0.6x | 4.6x | 5.0x | |||
| $1.7B | $84M | 0.5x | 0.4x | 10.0x | 8.9x | |||
| $1.7B | ($936K) | 0.2x | - | (395.5x) | - | |||
| $228M | $22M | 3.6x | - | 37.9x | - | |||
| $141M | $15M | 4.3x | 4.0x | 40.8x | 20.6x | |||
| $1.8B | ($728M) | 0.8x | 0.8x | (1.9x) | 7.3x | |||
This data is available for Pro users. Sign up to see all ecobee competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ecobee
| When was ecobee founded? | ecobee was founded in 2007. |
| Where is ecobee headquartered? | ecobee is headquartered in Toronto, Canada. |
| Is ecobee publicly listed? | No, ecobee was acquired by Generac in November 2021. |
| Who acquired ecobee? | ecobee was acquired by Generac in November 2021. |
| How much was ecobee acquired for? | ecobee was acquired for $770M in November 2021. |
| How much funding has ecobee raised? | ecobee has raised $133M across 3 funding rounds. |
| What was ecobee's last funding round? | ecobee's last funding round was a $37M Series C in May 2018, led by Amazon and La Caisse. |
| Who are ecobee's investors? | ecobee's investors include Amazon, Relay Ventures, Thomvest Ventures, Export Development Canada, La Caisse, AGL Energy, Northleaf Capital Partners, The Ontario Capital Growth, Evergy Ventures, Employee Stock Option Fund and 4 others. |
| Which companies are comparable to ecobee? | Companies comparable to ecobee include Lanmi, Yunding Technology, Smarter, Perfumeo, Petmate and Mitac Digital Technology. |
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