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- tado°
tado° Funding, Investors & Competitors
tado° has raised $246M across 9 funding rounds, most recently a $32M strategic investment round in March 2025.
Last tado° funding round
$32M
Strategic investment · Mar 2025
Cumulative funding tado° raised
$246M
across 9 funding rounds
Key investors in tado°
Target Partners
Shortcut Ventures
Statkraft Ventures
BayBG Venture Capital
Inven Capital
Noventic
Amazon
Bayern Kapital
About tado°
tado° produces smart thermostats and climate control systems for private homes and small businesses from its Munich headquarters, founded in 2011. Devices incorporate geofencing, weather forecasts, building data, and user habits for automated temperature regulation. The platform integrates with smart home ecosystems like Google Home and Apple HomeKit, offering usage reports and voice control across Europe and North America.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Subscription
Sectors
tado° Funding History
tado° has raised a total of $246M across 9 funding rounds, plus 1 secondary share sale.
tado°'s first fundraising round was a $3M Series B in September 2013. The most recent completed round was a $32M strategic investment round in March 2025.
tado° funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2025 | Strategic investment | Panasonic Heating & Cooling Solutions Europe (lead) | $32M | tado° is a Munich-based European leader in vendor-agnostic home energy management solutions, founded by Christian Deilmann, Johannes Schwarz, and Valentin Sawadski. The company develops smart thermostats, heat pump optimizers, and software solutions that reduce household energy consumption across Europe, with over one million devices deployed globally. Its technology lowers energy use by up to 28 percent by adjusting heating and cooling based on actual needs and weather forecasts, helping users reduce both costs and carbon emissions. On 17 March 2025, tado° announced a €30 million investment from Panasonic Corporation, announced at the ISH trade show in Frankfurt. This investment built on a partnership established in 2024 that integrated Panasonic's AQUAREA heat pump technology with tado°'s smart heating control and energy management services, delivering jointly optimized heat pump management software and the Heat Pump Optimizer X product. According to Handelsblatt reporting, tado° was valued in the mid-three-digit million euro range as part of the funding round, though the exact valuation figure was not disclosed. The company serves approximately one million homes and works with various heating and cooling system types including radiators, underfloor heating, heat pumps, and air conditioning units across Europe. |
| Apr 2023 | Series A | S2G Investments (lead) | $13M | tado° is a Munich-based intelligent home climate management company founded in 2011 that manufactures smart thermostats compatible with over 95% of heating and cooling systems in Europe. The platform uses features like Geofencing and Open Window Detection to reduce energy consumption, curbing heating costs by 22% on average. In April 2023, tado° secured €12 million from S2G Investments as a follow-on to its January €43 million raise, bringing the total 2023 funding to €55 million. Previous investors include Trill Impact Ventures, Bayern Kapital, Kiko Ventures, Swisscanto, Noventic, and Target Partners. The funds support scaling operations amid strong growth, including doubling smart thermostat and service sales in 2022. tado° aims for profitability in 2023 while expanding energy management offerings, such as Time-of-Use tariffs following its January 2023 acquisition of aWATTar GmbH. The company employs around 180 people and targets real estate companies managing rental properties with a new product line. S2G Investments backs tado° to become a market leader in home energy management for Europe's renewable transition. |
| Jan 2023 | Undisclosed stage | Trill Impact (lead); Target Partners; Zürcher Kantonal Bank; Bayern Kapital; Kiko Ventures; Noventic; Swisscanto Private Equity | $47M | tado° is a German smart thermostat and green energy management company founded in 2011 that reduces household heating costs and CO2 emissions. In January 2023, tado° raised EUR 43 million (approximately USD 46.9 million) in a financing round led by Trill Impact Ventures. Additional investors in the round included Bayern Kapital, Kiko Ventures, Zürcher Kantonalbank (Swisscanto), and existing shareholders. The capital was earmarked to support further development of tado°'s recently acquired smart energy tariff business aWATTar and continued growth of its core Smart Thermostat offering. By April 2023, the company had secured an additional EUR 12 million follow-on investment from S2G Ventures, bringing total 2023 funding to EUR 55 million. tado° had achieved a milestone of over 3 million smart thermostats sold and was on track to reach profitability in 2023. The company had previously pursued an IPO via SPAC with a planned EUR 450 million valuation in 2022, which was later adjusted to EUR 400 million before ultimately failing to proceed. As of 2024, tado° generated USD 80.06 million in annual revenue and by Q1 2025 had secured a EUR 30 million investment from Panasonic to expand their collaboration on smart heating control solutions. |
| May 2021 | Strategic investment | Noventic (lead) | $47M | tado° is a Munich-based smart home climate management company founded in 2011, offering intelligent thermostats for heating and air conditioning systems, mobile apps, and SaaS products for energy utilities and heating service providers. It partners with most of Europe's top 20 utilities to aid their shift to energy service providers and aims to digitize buildings, including a new focus on the commercial housing market. On May 18, 2021, tado° raised €38 million (USD 46 million) from noventic and existing shareholders in a strategic investment announced around May 14, 2021. The funding supports a partnership with noventic to develop and distribute energy-efficient proptech solutions for multi-family homes and commercial buildings, alongside advancing sustainable heat generation technologies, OEM solutions for HVAC manufacturers, and market expansion. tado° CEO Toon Bouten highlighted the move into proptech for residential quarters amid European climate targets, while noventic executives emphasized enhancing their portfolio with tado°'s climate control tech. Noventic, with over 250 million euros in 2020 sales and presence in 6 million homes, strengthens this collaboration. The investment aligns with rising demand for energy efficiency due to Germany's CO2 tax and EU Green Deal, positioning tado° in consumer, utility, and now commercial real estate segments. |
| Dec 2018 | Secondary | LBBW VC (lead) | $2M | - |
| Oct 2018 | Series F | Amazon; E.ON; Energy Innovation Capital; European Investment Bank; TotalEnergies Ventures; Inven Capital | $50M | - |
| Apr 2016 | Series E | Inven Capital (lead); Target Partners; Shortcut Ventures; Siemens; Statkraft Ventures; BayBG Venture Capital | $23M | tado° is a Munich-based company founded in 2011, specializing in intelligent home climate control solutions including smart thermostats and Smart AC Control. The products use a geo-aware smartphone app to automatically adjust heating or cooling based on residents' locations, integrating local weather forecasts and algorithms to save up to 31% on energy costs while improving comfort. tado° positions itself as the European market leader in this sector, often called the 'Nest of Europe,' and aims to be integral to connected homes through partnerships with platforms like AT&T Digital Life. On April 26, 2016, tado° raised $23 million (equivalent to €20 million) in a funding round led by Inven Capital, the venture capital arm of Czech energy conglomerate ČEZ Group. This brought the company's total funding to $57 million (€50 million), marking its third round. Other investors include Target Partners, Shortcut Ventures, Siemens Venture Capital, BayBG, Statkraft Ventures, and HomeServe. The capital was earmarked for global expansion, particularly in the US, where tado° listed products at retailers like Amazon, Best Buy, and Home Depot, and for developing further services and strengthening smart home integrations. The round underscores tado°'s traction as one of the world's best-funded IoT startups at the time, with operations in 12 European countries, the US, and Singapore. CEO Christian Deilmann highlighted plans to expand market leadership amid growing demand for smart thermostats, projecting 32 million units installed worldwide by 2020 and a European market potential over $2 billion by 2019. The investor base reflects strategic interest from energy and engineering sectors, aligning with tado°'s mission to optimize household energy use and support environmental goals. |
| Oct 2015 | Series D | Target Partners; N47; Shortcut Ventures; Statkraft Ventures; BayBG Venture Capital | $17M | tado° is a Munich-based startup founded in 2011 that develops smart thermostats and Smart AC Control products to optimize home energy consumption by connecting heating and air conditioning systems to the internet. The geo-aware smartphone app senses when residents are away, adjusts temperatures to save energy, and responds when they return home, incorporating local weather forecasts and algorithms to reduce costs by up to 31% while improving comfort. Users also access services like tado° Care for repairs and energy management. In October 2015, tado° raised $17.1 million in a financing round from investors including the venture capital unit of Siemens AG, Statkraft Ventures, Target Partners, Shortcut Ventures, BayBG, and others, bringing total funding to $34 million at that time. The company aims to lead the market in digital home climate control with compatible products, intelligent apps, and service offerings, amid a growing smart thermostat market forecasted to reach $2.5 billion globally by 2019. |
| Jul 2014 | Series C | Target Partners; Shortcut Ventures | $15M | - |
| Sep 2013 | Series B | Target Partners; Shortcut Ventures | $3M | - |
Who has invested in tado°?
21 investors have backed tado° across its funding rounds, including Target Partners, Shortcut Ventures, Statkraft Ventures, BayBG Venture Capital, Inven Capital and Noventic.
Lead investors include Panasonic Heating & Cooling Solutions Europe, S2G Investments, Trill Impact, Noventic, LBBW VC and 1 other investor.
tado° Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Sep 2013 | ||
| 4 | Participant | Sep 2013 | ||
| 2 | Lead | May 2021 | ||
| 2 | Participant | Oct 2015 | ||
| 2 | Lead | Apr 2016 | ||
| 2 | Participant | Oct 2015 | ||
| 1 | Lead | Dec 2018 | ||
| 1 | Participant | Oct 2015 | ||
| 1 | Participant | Oct 2018 | ||
| 1 | Participant | Oct 2018 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Participant | Oct 2018 | ||
This data is available for Pro users. Sign up to see all 21 tado° investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by tado°
tado° has acquired 1 company to date.
Last acquisition by tado° was on January 11th 2022. tado° acquired aWATTar for undisclosed valuation.
Latest Acquisitions by tado°
| Description | aWATTar is a dynamic electricity supplier operating in Austria and Germany. The Vienna-headquartered company delivers power through hourly spot market pricing via its app and web platform, enabling customers to buy electricity at wholesale rates fluctuating every hour. Launched in 2017, aWATTar serves residential and business users with transparent tariffs that adjust in real-time based on European Energy Exchange data. Its model promotes energy efficiency by incentivizing consumption during low-price periods, and the firm expanded to Germany in 2019 with additional green energy options. |
| HQ Country | |
| HQ City | Vienna |
| Deal Date | 11 Jan 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all tado° acquisitions and their M&A valuation multiples. Start Free Trial | |
tado° Competitors
tado° competitors include listed companies like Bloom Energy, BOE, Samsara and First Solar, and private ones like View and UNISOC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Publicly listed | $2B | ($14M) | $83B | 23.7x | ||
| Publicly listed | $31B | $7B | $32B | 1.6x | ||
| Publicly listed | $1.6B | ($29M) | $23B | 12.0x | ||
| Publicly listed | $5.2B | $2.1B | $22B | 4.0x | ||
| Private | - | - | $9.1B | - |
tado° Public Comps
tado° is still privately-owned, but its public comps include GE Vernova, Siemens Energy, Johnson Controls, Bloom Energy, SLB, Baker Hughes, Sandvik, Doosan Enerbility, Vestas and BOE.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $45B | $4.5B | 2.7x | 2.4x | 27.3x | 16.1x | |||
| $24B | $3B | 4.0x | 3.7x | 31.0x | 20.0x | |||
| $2B | ($14M) | 40.9x | 23.7x | (5906.9x) | 112.5x | |||
| $36B | $7B | 2.4x | 2.4x | 12.5x | 10.6x | |||
| $28B | $4.3B | 2.0x | 2.0x | 13.3x | 11.3x | |||
| $12B | $2.9B | 4.2x | 3.6x | 18.2x | 14.3x | |||
| $12B | $818M | 3.7x | 3.6x | 56.6x | 40.9x | |||
This data is available for Pro users. Sign up to see all tado° competitors and their valuation data. Start Free Trial | ||||||||
Common questions about tado°
| When was tado° founded? | tado° was founded in 2011. |
| Where is tado° headquartered? | tado° is headquartered in Munich, Germany. |
| Is tado° publicly listed? | No, tado° is a private, VC-backed company. |
| How much funding has tado° raised? | tado° has raised $246M across 9 funding rounds. |
| What was tado°'s last funding round? | tado°'s last funding round was a $32M strategic investment round in March 2025, led by Panasonic Heating & Cooling Solutions Europe. |
| Who are tado°'s investors? | tado°'s investors include Target Partners, Shortcut Ventures, Noventic, Statkraft Ventures, Inven Capital, BayBG Venture Capital, LBBW VC, N47, Amazon, E.ON and 11 others. |
| Which companies are comparable to tado°? | Companies comparable to tado° include View, Bloom Energy, BOE, Samsara, First Solar and UNISOC. |
| How many companies has tado° acquired? | tado° has acquired 1 company, including aWATTar. |
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