Statkraft Ventures backs tado° GmbH in a EUR 15.2 million financing round

07 Oct, 2015

Düsseldorf, October 7th, 2015 – Statkraft Ventures GmbH announced today that it has invested EUR 2 million in smart thermostat firm tado° GmbH jointly with a syndicate of the renowned venture firms Target Partners, Shortcut Ventures, the Venture Capital Unit of Siemens and BayBG. It is the first investment of Statkraft Ventures. The company was set up earlier this year and is backed by Statkraft, Europe’s largest generator of renewable energy.

"Statkraft Ventures sees great value in tado° offering a platform to manage and optimise a large base of distributed devices for their customers. Their potential to transform the energy markets is huge. We are happy to support tado°s growth by offering both financing and access to Statkraft’s market and service expertise,“ says Matthias Dill, Managing Director of Statkraft Ventures. "We appreciate Christian Deilmann, CEO of tado° GmbH and his team being great entrepreneurs. The way they operate their business at this start-up stage is very impressive. We are very much looking forward to working with them,” Dill adds.

The tado° Smart Thermostat and Smart AC Control products connect old and new heating or air conditioning systems to the internet. The geo-aware tado° smartphone app automatically senses when nobody is at home and turns down the heating or cooling to save energy. As soon as one of the residents starts to head home, tado° reacts immediately and warms or cools the house to the desired temperature. Web-based weather forecasting and adapting algorithms further help to save energy costs and improve comfort at home. Users can also benefit from repair and energy-related services such as the tado° Care offering.

In contrast to other Smart Thermostats, tado° supports 95 per cent of all European heating systems from over 350 manufacturers. The Smart AC Control product works with all major air conditioning systems around the world.

About Statkraft Ventures

Statkraft Ventures GmbH is a European venture capital firm working with exceptional entrepreneurs disrupting the energy sector. The company is exit-driven and backed by Statkraft, Europe’s largest generator of renewable energy. Statkraft Ventures invests on common venture capital terms. The company operates in an evergreen structure with EUR 10 million to invest each year.