Tado has secured $2.6 million in financing from existing investors Target Partners and Shortcut Ventures. Based in Munich, Germany, tado is a heating app for homes and small businesses.
The Munich-based start-up tado° recently closed a new round of financing, raising USD 2.6m from its existing investors Target Partners and Shortcut Ventures. tado° has developed the first heating app that automatically adjusts to the residents’ daily lives, which means it’s kind to the bank balance as well as the environment. It’s also incredibly convenient, because once installed, the user can simply relax and let tado° do the work.
In November 2011 the venture capital firm Target Partners started to invest in tado°. The venture capitalists from Shortcut Ventures joined the group of investors in summer 2012. In the current round of financing both investors fund in equal shares.
“We are really happy to have both investors on board again. Their breadth of experience will be an invaluable asset for our course for growth. In light of tado°’s great success in Germany, we will use part of the funding for our European expansion,” says Christian Deilmann, CEO and Founder of tado°.
About Target Partners
With 225 million under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in start-up and early stage companies and supports them during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States.
About Shortcut Ventures
Shortcut Ventures is a German Venture Capital Enterprise created by founders for founders. The main focus of Shortcut Ventures investment strategy is on international startups specializing in the fields of Internet, Mobile, Games, and Social Media. The company mainly invests in startups that are in the early growth stages. Along with the financial support, firms in the portfolio are also provided with access to founder knowledge and know-how. Shortcut Ventures is managed by Dirk Freise, Martin Ostermayer, and Thorsten Rehling, entrepreneurs and founders of multiple companies such as blau.de and handy.de. The enterprise’s main investor is the Dutch telecommunications corporation, KPN.
tado° is the heating app for private households, small businesses and shops. It detects where the residents currently are and controls the temperature accordingly. It also takes current weather forecasting data and building characteristics into account. With its fully automatic heating control, tado° not only makes everyday life easier, it makes your home or place of work more comfortable and brings about an average saving of 27 percent on heating costs and CO2. The company tado° GmbH was founded by Christian Deilmann, Johannes Schwarz and Valentin Sawadski in 2011. The team has been working on the development of tado° at the headquarters in Munich for around three years. After going to market in November 2012 and gaining thousands of users in the German-speaking area, tado° is being made available to the whole of Europe from October 2013. The name “tado” is derived from the Japanese greetings “tadaima” and “okaeri”. Loosely translated, they mean “I’m home” and “Welcome home”. News tado° is developed and manufactured in the local region, staying true to the motto: “High-tech made in Bavaria, designed in Munich, assembled near Ammersee.” For more information, please visit http://www.tado.com/gb