Target and Shortcut in €10m round for Tado

The existing backers were joined by new investors in the funding round.

Following the transaction, the company plans to roll out product sales to all major European countries.

Shortcut has been active recently; last week, the GP reinvested in Munich-based multi-channel network Mediakraft's €16.5m series-B funding round, having invested an initial seven-figure sum in 2012.

Previous funding
Both GPs invested in the region of €2m in Tado's series-A funding round, backing the firm's product launch in November 2011, according to unquote" data.

They invested a further €2m in September 2013, with Target investing via its second fund. The capital was used to further develop the smart heating control app and back its European expansion.

Company
Founded by Christian Deilmann, Johannes Schwarz and Valentin Sawadski in 2011, Munich-headquartered Tado initially launched heating app Tado Heating in Germany, Austria and Switzerland in November 2012. It expanded into the UK market in 2013 and subsequently launched its Tado Cooling product for air conditioning.

Headquartered in Munich with a hardware production plant at Ammersee, Tado's apps aim to adjust a household's heating according to its residents' behaviour, taking into account the weather and building structure. The company employs 15 people

People
Christian Deilmann is founder and CEO of Tado.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• DACH
• Expansion
• Technology
• Germany
• Target Partners