US-based General Atlantic, a global growth investor, has acquired the shares held by Stichting Administratiekantoor funda (STAK) in Funda BV, a real estate classifieds site in the Netherlands.
Funda BV has two shareholders, NVM Holding BV and Stichting Administratiekantoor funda.
Following the deal’s completion, General Atlantic now holds 1,224,603 shares, equating to a 24 per cent stake in Funda. STAK retains a 5 per cent interest, while NVM Holding remains the majority shareholder with 71 per cent.
General Atlantic intends to collaborate with Funda, NVM Holding, and STAK to bolster Funda’s ongoing leadership in the real estate market.
Yme Bosma, MD at NVM Holding says, “The decision to partner with General Atlantic comes following a considered and competitive process and offers good prospects. The entry of General Atlantic as a long-term shareholder is an important step for funda.”
“NVM Holding looks forward to contributing to the further growth and development of funda together with General Atlantic and STAK.”
Leading online property portal in the Netherlands
Founded in 2001, Funda offers an extensive array of residential and commercial property listings. Boasting the Netherlands’ comprehensive housing selection, Funda attracts approximately 5.3 million unique visitors each month.
Funda claims to lead in creating new products, services, and information to aid individuals engaged in selling, buying, and owning suitable homes. The platform connects over 5,300 brokers with potential homebuyers, enhancing their reach and impact in the market.
Joost Dop, CEO of funda says, “In the current market, finding a suitable house has become a quest. By constantly developing innovative technology, including intelligent search methods and comprehensive filters, funda simplifies the house-hunting process and, in doing so, improves the alignment between supply and demand.”
“Additionally, our platform supports real estate agents whose expertise is crucial to helping consumers sell and buy homes.”
What does General Atlantic bring to the table?
General Atlantic brings expertise in global real estate classifieds, with investments in brands across EMEA. These include Hemnet in Sweden, Immoweb in Belgium, SeLoger in France, Immonet and Immowelt in Germany, Homegate and ImmoScout24 in Switzerland, and Property Finder in the UAE and Egypt.
Dop, CEO of funda says, “We look forward to working with the General Atlantic team as they bring in-depth sector knowledge and innovation power, enabling us to better serve consumers and brokers on our platform.”
“With General Atlantic as a strong collaboration-focused partner and NVM Holding bringing its broad view and extensive knowledge of the property market, we will continue to deepen our position as the leading Dutch real estate classifieds platform.”
Tom Hussey, Principal at General Atlantic adds, “Funda is at the heart of the real estate industry in the Netherlands and is a business we have admired for many years. General Atlantic has a long history of investing in the sector, and funda is one of the premier real estate classifieds companies globally.”
“We are excited to join NVM Holding and STAK as shareholders and look forward to supporting the management team as they pursue their innovation and product development goals.”
Following the completion of the deal, there will be changes to the composition of Funda’s supervisory board. Michel van der Bel, former President of Microsoft EMEA, will assume the role of chairman.
The board will also include Mr. Hussey, Mr. Bosma, Cecilia Beck-Friis, CEO of Hemnet, and Sander Heidinga, Partner at KRK Real Estate Agents.
General Atlantic’s entry as a shareholder in Funda may lead to the termination of the ongoing investigation into Funda’s policies and affairs by the Enterprise Chamber of the Amsterdam Court of Appeal, initiated on February 10, 2022.
Brief about General Atlantic
Founded in 1980, General Atlantic is a global growth investor supporting 500+ growth companies.
With approximately $83B in assets under management and over 280 professionals worldwide, the firm partners with visionary entrepreneurs, using a collaborative approach and sector-specific expertise.
Read the orginal article: https://siliconcanals.com/news/general-atlantic-acquires-interest-in-funda/
