Amazon-Backed Tado Raises $46M In Fundraiser Before IPO: FT

Amazon.com Inc 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 GOOG GOOGL Google. It was a launch partner of Apple Inc’s 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 TOT, and Engie SA ENGQF 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 HON, and Google’s Nest.
Price action: AMZN shares traded higher by 0.86% at $3,250.09 on the last check Monday.