NEW YORK, April 4 (Reuters) - 08German thermostat maker Tado has secured 12 million euros ($13.08 million) from U.S. investor S2G Ventures, it said on Tuesday, two months after it raised funds to expand in an increasingly energy-conscious European market.
The need to actively manage household heating, often fuelled by gas, became a top political priority last year after the Russian invasion of Ukraine. Data gathered by Tado from hundreds of households where it has installed meters suggested Europeans were heeding calls from politicians to conserve energy.
The top-up bolsters the Munich-based company's fundraising to 55 million euros ($59.93 million) so far in 2023 when it expects to reach profitability.
"Now is the right time to scale a unique energy management offering that will double down on reducing (home) heating costs and CO2 emissions," said Christian Deilmann, Tado's co-founder and chief product officer.
The funding announcement comes weeks after major start-up supporter Silicon Valley Bank collapsed, prompting panic among venture-stage firms, particularly in North America.
Sector experts expect the banking crisis, alongside rising interest rates, to temper the heady valuations some clean technology companies had been commanding, but United Nations Special Envoy on Climate Action and Finance Mark Carney said he did not think it would materially restrict the availability of cash for such businesses.
($1 = 0.9178 euros)
