General Atlantic takes 24% stake in Funda

Funda is a premier real estate classifieds site in the Netherlands.

  • STAK will retain 5 percent shares in Funda
  • NVM Holding will remain the majority shareholder of Funda with 71 percent
  • GA is a global growth investor

General Atlantic (GA) has completed its investment in Funda BV, a premier real estate classifieds site in the Netherlands, from Stichting Administratiekantoor funda (STAK).

Funda is based in Amsterdam.

GA now holds 1.2 million shares, representing a 24 percent interest in Funda. STAK will retain 5 percent shares in Funda.

NVM Holding will remain the majority shareholder of Funda with 71 percent.

Funda’s supervisory board will be chaired by Michel van der Bel, former President of Microsoft EMEA, and also include Tom Hussey, principal at GA, Yme Bosma, MD at NVM, Cecilia Beck-Friis, CEO of Hemnet and Sander Heidinga, partner at KRK Real Estate Agents.

The Enterprise Chamber of the Amsterdam Court of Appeal may decide to terminate its ongoing investigation into Funda’s policies and affairs, which commenced on February 10, 2022, as part of the trasnaction.

GA plans to partner with Funda and NVM Holding, along with STAK, to support Funda’s continued market position.

“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,” said Joost Dop, CEO of Funda.

GA is a global growth investor with around $83 billion in assets as of 31 December 2023. It has offices in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv.

The firm’s current and former investments in global real estate classifieds include Hemnet in Sweden, Immoweb in Belgium, SeLoger in France, Immonet and Immowelt in Germany, Homegate and ImmoScout24 in Switzerland.

GA was advised by Rothschild & Co as financial advisor and Weil, Gotshal & Manges and De Brauw Blackstone Westbroek as legal advisors.

No financial details of the transaction were disclosed.