Iris Capital in €30m round for Netatmo

The company's previous backers that also took part in the round include Iris Capital, BPI France's Ambition Numérique fund and Pascal Cagni, the founder and CEO of C4 Ventures. Iris, BPI France and Cagni provided Netatmo with a €4.5m round in 2013.

Netatmo's founders will remain majority shareholders following the transaction.

Netatmo stated that the fresh capital would allow it to accelerate its global growth and continue developing innovative devices for what it refers to as the "smart home", taking advantage of the internet of things. Electrical and building infrastructure group Legrand has made the latter a key area of focus via its Eliot program.

Company
Founded in 2011 and based in Paris, Netatmo develops connected consumer electronics. The firm has developed a personal weather station with air quality sensors, allowing users to track the indoor and outdoor environment and to wirelessly transmit data to the Netatmo app.

Following the 2013 round, the company launched its second product, a connected home thermostat designed by Philippe Starck. Netatmo recently unveiled its third product, a smartphone security camera.

People
Iris Capital was represented by Guillaume Meulle, while Frédéric Le Brun and Nicolas Iordanov worked on the deal for BPI France.

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