Inventor of the Smart Thermostat Bolsters C-Suite, Announces $47M in Additional Funding

Series C Closes at $127M as ecobee Prepares to Accelerate Growth

TORONTO--()--ecobee Inc. today announced it has raised an additional $47M CAD ($36M USD) 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 $127M CAD ($98M USD) and bringing ecobee’s total funding to over $200M ($155M USD) to-date. This funding will allow ecobee, the company responsible for inventing the smart thermostat, to continue expanding its suite of smart home technologies as it moves to transform the way consumers interact with their homes for the better. 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 has a bold vision, entrepreneurial spirit and most importantly a relentless pursuit of excellence”

“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,” said 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 honor to have Jackie, Scott and David on board, and I’m confident their talent and expertise will cement our future as the No. 1 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+ 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,” said 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 maximizing 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,” said 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 energized by ecobee’s potential and am honored 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,” said 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 percent 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+, bringing the power of voice and intelligence to every room.

“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 optimizing comfort,” stated 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,” said Phil Anzarut, Partner, Co-Investments at BDC Capital. “We’re excited to partner with ecobee as they scale to become a global champion.”

*NPD Data

About ecobee

ecobee Inc. introduced the world’s first smart Wi-Fi thermostat to help millions of consumers live better and save more. The company’s mission is to create smarter devices that are beautifully designed, easy to use and provide savings for families, while being good for our planet – most recently realized with its next-generation smart thermostat, ecobee4 and the introduction of the company’s first smart light switch, ecobee Switch+. With ecobee’s pioneering room sensor technology, Amazon Alexa voice service, far-field voice recognition, and a wide array of smart home integrations, ecobee combines smart home technology and voice to help customers manage their home’s comfort, energy and busy lives. For more information, visit www.ecobee.com.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As of December 31, 2017, it held $298.5 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

About BDC Capital

BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.

Contacts

United States:
Shazia Hasan, Edelman | 312-240-3160 | shazia.hasan@edelman.com
Canada:
Caroline Stelmach, Edelman | 416-849-3360 | caroline.stelmach@edelman.com

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