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Smart home startup Tado to go public via German-listed SPAC

·1 min read

Tado is currently backed by investors including Amazon Alexa Fund and Total Energy Ventures
(Image courtesy of Tado)

Smart home energy startup Tado is set to go public in Europe’s first SPAC deal of the year. 

The German startup has agreed to merge with Luxembourg-based black check company GFJ ESG Acquisition I and will be listed on the Frankfurt Stock Exchange. The deal, which will also involve an additional private investment round, is expected to value Tado at around €450 million. 

Founded in 2011, Tado offers an app that lets users control their home thermostats and air conditioning systems in over 20 countries. It has raised just under €130 million in VC funding, according to the PitchBook platform, from investors including Amazon Alexa Fund, Total Energy Ventures and Inven Capital

In 2020, the US saw an unprecedented number of SPACs go public, however there have been comparatively few in Europe. Last year saw a handful of large SPAC deals including online used car retailer Cazoo's merger with Ajax I worth $7 billion and air taxi company Lilium’s $3.3 billion deal with Quell Acquisition Corp. 

Recently, global investor sentiment for blank check companies has declined due to poor performance post-merger. As of October 31, the SPAK ETF—a global index fund that tracks the performance of newly-listed SPACs—returned -14.3% compared with over 20% for the S&P 500 and the Euro STOXX 50 indexes, according to PitchBook’s 2022 European Private Capital Outlook. With a decline in all European VC-backed public listings expected this year, it appears unlikely that SPAC deals will take off in 2022. 

This article originally appeared on PitchBook News