Amazon-Backed Tado Raises $46M In Fundraiser Before IPO: FT
- Amazon.com Inc (NASDAQ: AMZN)-backed Munich’s smart home company, Tado, has raised an additional $46 million at a high three-digit million valuation under Hamburg’s Noventic Group-led funding round reaching total fundraising of $148 million, the Financial Times reports.
- The fundraise is touted as the final one before Tado’s initial public offering. Tado could plan a Frankfurt or London flotation.
- Amazon first invested in Tado via its Alexa Fund in 2018 and also joined the latest financing round. Amazon has acquired some of the fund’s early investments, like video-doorbell company Ring, for over $1 billion three years ago.
- Tado works with Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google. It was a launch partner of Apple Inc’s (NASDAQ: AAPL) HomeKit.
- Apple also sells Tado’s devices in its physical and online stores.
- Tado engages in business with 11 of the top 20 European utility companies, including Eon, Total SE (NYSE: TOT), and Engie SA (OTC: ENGQF) (OTC: ENGIY).
- The E.U.’s proposed Green New Deal and regulations aimed at reducing carbon emissions have triggered the demand for smart home devices.
- The CO2 pricing for the heating sector introduced this year in Germany has driven the demand for energy-saving technologies.
- Tado has installed over 1 million smart thermostats to date.
- Tado’s competitors include Hive, Honeywell International Inc (NASDAQ: HON), and Google’s Nest.
- Price action: AMZN shares traded higher by 0.86% at $3,250.09 on the last check Monday.
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