Smart thermostat company Tado° raises $50m in Amazon-backed financing round

Smart climate control company Tado° has secured its biggest funding round yet with Amazon, E.ON, Total Energy Ventures, and the European Investment Bank. The Munich-based company says it has $102m (£78m) in total funding from the tech, energy, and financial sectors.

The new investment will be partly used to extend its home climate management service offerings, it says.

The global smart thermostat market is expected to reach a value of $6.8b by the end of 2022, at a projected annual growth (CAGR) of 54 per cent until 2022. The installed base of smart thermostats is expected to reach 30 million by the end of 2021.

“We are convinced that soon every building will be heated and cooled intelligently. Now is just the right time to raise capital and utilize it to position us as the number one in this fast-growing market,” says Toon Bouten, CEO.