Celebrating the Success of the Latest Canadian Unicorn: ecobee

It’s quite gratifying for a VC firm such as Thomvest when we invest in a company which succeeds despite numerous challenges. That’s precisely the case with ecobee, the Toronto-based smart thermostat and connected home company, which recently announced it will be sold to Generac, one of the world’s largest power generation and energy technology companies, for consideration of up to USD $770M. ecobee is now one of Canada’s handful of unicorns (start-ups that grew to a CAD approximately $1 billion value).

This dynamic company, ecobee, has grown to become a global leader in energy conservation. With over two million connected homes, ecobee customers in North America to date have saved more than 20 TWh of energy, which is the equivalent of saving enough energy to take all the homes in Los Angeles off the grid for an entire year!

Thomvest is ecobee’s single largest shareholder, and this is a moment of celebration and reflection for us. For perspective, Thomvest invests across multiple sectors at various investment stages. The Toronto team invests in private equity, public equities, infrastructure, and real estate. Our heritage, however, is in venture capital investing, largely centered in Silicon Valley. Thomvest Ventures was founded in 1996 by our founder and chairman, Peter Thomson. Since the founding of Thomvest Ventures, Peter has built a sizable venture investment business based out of our San Francisco office, which has become a recognized leader in two verticals: Security & Cloud Infrastructure and Finance & Real Estate. Thomvest has become one of the (Read more...)