Relay Ventures continues to invest in Toronto’s ecobee, Inc.
Toronto-based ecobee Inc., provider of a Wi-Fi enabled smart thermostat, has closed a $35 million follow-on round from early stage venture capital firm Relay Ventures—a longtime investor of ecobee—together with the Amazon Alexa Fund and Thomvest Asset Management. The financing enables ecobee to continue developing leading connected home technologies that make people’s lives simpler and better, the company says.
“These investments enable ecobee to drive significant operational improvements, profitable growth and future product innovations for our customers,” says Stuart Lombard, President and CEO of ecobee. “We see this as a strong vote of confidence in our market-leading products and the growth potential of the connected home market.”
John Albright, Relay Ventures’ Co-Founder and Managing Partner, says ecobee has continued to impress the firm with its top user rating across consumer channels. Albright says Relay believes the company’s products will remain leading performers in the market.
“We see considerable room for growth in this industry, with ecobee well-positioned to build upon its previous successes,” Albright adds.
Relay Ventures first invested in ecobee, which formerly operated under the name Avaning, back in 2007 when it participated in a $2.25 million round. Relay participated in a second $6.7 million round in 2010.
Relay Ventures is a member of the Canadian Venture Capital and Private Equity Association.