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ecobee secures CAD47 million in additional funding

ecobee Inc has raised an additional CAD47 million (USD36 million) of investment led by Caisse de dépôt et placement du Québec (CDPQ), AGL Energy Ltd and Business Development Bank of Canada, closing its Series C funding round at more than CAD127 million (USD98 million) and bringing its total funding to over CAD200 million (USD155 million) to-date.

This funding will allow ecobee, the company responsible for inventing the smart thermostat, to continue expanding its suite of smart home technologies. The company’s continued growth will be supported by the introduction of key additions to ecobee’s leadership team including Jackie Poriadjian-Asch as Chief Marketing and Revenue Officer, Scott Cleaver as Chief Operations Officer and David Brennan, CPA, CA as Chief Financial Officer.
 
“ecobee began as a few engineers on a mission – to give people a smarter way to control their homes’ energy usage in a way they had never before thought possible,” says Stuart Lombard, Founder and CEO of ecobee. “That’s why we created the world’s first smart thermostat. Now, this round of funding will allow ecobee to continue transforming the way consumers control their homes as we build the world’s first home operating system that leverages voice, advanced sensor technology and powerful AI. In fact, it has already given us the ability to transform our leadership team. It’s an honour to have Jackie, Scott and David on board, and I’m confident their talent and expertise will cement our future as the No1 player in the smart home space.”
 
As ecobee’s new Chief Marketing and Revenue Officer, Jackie Poriadjian-Asch will take on the role of brand steward and lead all aspects of sales and marketing including the end-to-end go-to-market strategy for the company’s products and services. Poriadjian-Asch will be building on 15-plus years of marketing and business development experience for high-growth companies in the media, sports, entertainment and apparel industries. She previously served as CMO at Canada Goose, following nearly a decade at the UFC where she held several roles from leading international distribution to overseeing global brand marketing.
 
“ecobee has a bold vision, entrepreneurial spirit and most importantly a relentless pursuit of excellence,” says Poriadjian-Asch. “This company is committed to being truly revolutionary and pioneering in the way it approaches everything from its culture to its products. All these things combined make it an irresistible opportunity. It’s a privilege to join this team and support ecobee’s continued success.”
 
Scott Cleaver joins ecobee as Chief Operations Officer, bringing over 25 years of experience to the role. Cleaver will support the company’s continued growth by managing and maximising quality and efficiency all while driving forward the importance of best-in-class customer service. Prior to ecobee, Cleaver served as Chief Operations Officer at Rakuten Kobo Inc where he led all aspects of the company’s global operations strategy.
 
“It’s remarkable to look back on what ecobee has accomplished in such a short amount of time,” says Cleaver. “Operational excellence is rooted in collaborative culture such as that found at ecobee. As we continue to scale, I look forward to developing a highly empowered and effective team driven by delighting customers at every stage of the buying journey. I’m incredibly energised by ecobee’s potential and am honoured to help lead the company into its next phase of growth.”
 
As ecobee’s Chief Financial Officer, David Brennan will be responsible for building upon ecobee’s sustained profitable growth as the company’s portfolio expands. Previously General Manager at Achievers (a Sequoia-backed company sold to Blackhawk Network) and Vice President of Finance at PixStream (acquired by Cisco), Brennan joins ecobee with over 30 years of experience in accounting, finance and investor relations, with expertise in a number of industries, including technology, banking and public accounting.
 
“ecobee’s passionate people, strong momentum and market potential are a few of the reasons I decided to join the company,” says Brennan. “I look forward to working closely with the rest of the leadership team to strategically position ecobee for continued exponential growth.”
 
Since its founding in 2007, ecobee has acquired more than a third of the smart thermostat market and experienced over 100 per cent year-over-year growth, demonstrating strong market demand. In 2017, ecobee introduced the ecobee4 smart thermostat with built-in Amazon Alexa voice control and earlier this year, its Alexa-enabled smart light switch, ecobee Switch+.
 
“Through this investment, la Caisse is supporting an innovative company that uses artificial intelligence to improve energy efficiency. With its smart thermostats, ecobee plays a defining role in reducing energy expenses while optimising comfort,” says Thomas Birch, Vice-President, Fund Management and Technologies, at Caisse de dépôt et placement du Québec. “With the emergence of the rapidly growing smart home market, the company is well-positioned to pursue its international expansion plan.”
 
“We’ve watched ecobee grow from their first smart thermostat product to the development of a home automation platform,” says Phil Anzarut, Partner, Co-Investments at BDC Capital. “We’re excited to partner with ecobee as they scale to become a global champion.” 
 

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